2006
PA to sell 123 Buckingham Palace Road
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06 June 2006
PA Consulting Group is to sell and leaseback its London HQ at 123 Buckingham Palace Road, London SW1 and is seeking offers of over £175 million through its property adviser Cushman & Wakefield.
The leading management, systems and technology consulting firm bought the 194,000 sq ft building in October 1999 and it now occupies around half of the space for its global headquarters. Additional tenants include The First Secretary of State (The Highways Agency), BskyB and Korn/Ferry International Ltd. The building generates a rent roll of approximately £9,518,500 and the proposed minimum sale price would represent a net initial yield in excess of 5.25%.
PA Consulting Group has decided to sell the building to take advantage of a buoyant property investment market. It will take a new 20-year lease on the space it occupies at a rent of £50 sq ft on best.
Neil Gorman, head of global real estate, PA Consulting Group, said: “We have taken the strategic decision to sell our property asset in order to reinvest capital into developing new business in new markets.”
Andrew Thomas, Partner in Central London, Cushman & Wakefield, said: "This is one of the best buildings in Victoria which, though 15 years old, still offers maximum flexibility to the corporate occupier."
The sale process conducted by Cushman & Wakefield will be managed completely online via a dedicated portal. Expressions of interest should be directed to andrew.thomas@eur.cushwake.com
For more information, please contact:
Cushman & Wakefield Healey & Baker
Chris Bond
UK Media Relations Manager
Cushman & Wakefield Healey & Baker
Tel: 020 7152 5006 or 07793 808 006
PA Consulting Group
Contact:
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| Heather Smith |
| PA Consulting Group |
| 123 Buckingham Palace Road |
| London |
| SW1W 9SR |
| United Kingdom |
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Tel: +44 20 7312 4975 |
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Fax: +44 20 7312 4639 |
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E-mail:
heather.smith@paconsulting.com |
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Notes to editors
Cushman & Wakefield
Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, Cushman & Wakefield has 189 offices in 57 countries around the globe, and more than 11,000 talented professionals. The firm delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, see www.cushmanwakefield.com
PA Consulting Group
PA Consulting Group is a leading management, systems and technology consulting firm. Operating worldwide in more than 35 countries, PA draws on the knowledge and experience of 3,000 people, whose skills extend from the initial generation of ideas, insights, solutions and new technology, all the way through to detailed implementation.
From the development of innovative strategies and solutions right through to their successful delivery, all of our work and support is based on deep sector insight and expertise. We work across the private and public sectors, with particular strengths in financial services, energy, life sciences and healthcare, government and public services, manufacturing, defence, and telecommunications. We help our clients to design optimum strategies for growth, deliver effective IT that improves business performance, mobilise human resources, deliver complex programmes and major business transformations, and develop breakthrough products and processes through our unique applied technology capability.
As an employee-owned company, with no audit arm nor exclusive alliances with third-party vendors or service providers, we are answerable only to ourselves and our clients. This independence means the advice we give to clients, and the work we deliver, are based only on what is best for our clients’ business. We will, however, work in non-exclusive alliances on specific programmes when it is in the best interests of our clients.
PA’s independent, benefits-driven approach is founded on our strength in innovation, our responsiveness to our clients’ needs, and our unyielding focus on delivery:
Innovation. Innovation comes in a variety of forms - in how customers' needs are identified and satisfied, in business models, in motivating and aligning staff, in the use of technology, and many more. PA has an unsurpassed track record in innovation, from developing pharmaceutical anti-counterfeiting measures and wireless technologies, to helping launch an innovative online bank, to development work that is helping alleviate poverty and boost the economies of developing countries.
Responsiveness. We recognise that each client and each problem have their own challenges and issues. Our solutions are therefore tailored to our clients’ specific circumstances, drawing on the deep industry insight of our consultants. Our relationships with clients are characterised by respect, flexibility and collaboration, and we pride ourselves on the speed of our response and the dedication of our people.
Delivery. At PA, delivering client value is ingrained in our culture. We focus on detailed implementation, with a renowned track record of delivering innovative solutions that achieve lasting change. At PA, we see projects right through to the finishing line - and beyond - delivering significant and measurable value to our clients.
PA: Innovation. Responsiveness. Delivery.
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