Wednesday 30 March 2011

London landmark building in distress sale

The Adelphi, a landmark art deco building in London's West End, is up for sale following a covenant breach.

The famous high-rise building, located on John Adam Street, is to be sold by its owner Istithmar World - the investment arm of Dubai World – for an asking price of around £265 million.

Istithmar World has instructed CB Richard Ellis to sell the commercial property, which is currently leased by the Department for Work and Pensions, along with financial services tenants.

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