Evening Standard – 4th April 2019
The billionaire Reuben brothers have paid close to £90 million for a London office building, marking the latest move in a St James’s buying spree, the Evening Standard can reveal.
David and Simon Reuben have bought 60,620sq ft 100 Pall Mall from a private vendor. The seven-storey block is let to multiple tenants including planning firm DP9. Property sources said the real estate tycoons paid around £1500 per square foot for the building which will bring them long-term income.
It is their latest acquisition in the St James’s area, where they have spent nearly £200 million since late 2017. Experts said the new deal shows confidence that central London rents will continue to rise and business demand for office space won’t dry up after Brexit.
Fergus Keane, international partner at agent Cushman & Wakefield, said: “There are still many UK buyers who are not convinced Britain’s departure from the EU will be detrimental to the London property market. I am also aware of numerous investors in Hong Kong and Singapore circling London. They see the weaker pound as a huge pull which offsets any short-term potential pain from Brexit.”