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European Parliament And Commission Take 32 Smith Square For New HQ
23 May, 2008, London
The European Parliament and the European Commission have bought the freehold interest of 32 Smith Square, SW1 (25,027 sq ft) from Irish developers Harcourt Investments in an off market deal reported to be £20 million.
32 Smith Square is best known as Conservative Party Head Quarters between 1958 and 2004 and the scene of many triumphs for the Thatcher government.
It will provide a joint headquarters for the European Parliament and European Commission, currently located in two buildings in Dartmouth House, Queen Anne’s Gate (9,355 sq ft) and 8 Storeys Gate (14,133 sq ft).
Henry Peto, Partner in West End Agency at Cushman & Wakefield who advised the European Parliament said: “The decision was made following a detailed search across Westminster and Victoria, and 32 Smith Square is particularly desirable given its proximity to the Houses of Parliament, to government and political party offices and to broadcasting studios. It is the correct size, and as a wholly-owned building the EU will be able to brand it visibly.”
The building will be the subject of a major refurbishment with occupation scheduled for 2010.
Cushman & Wakefield Agency and Capital Markets Group advised the European Commission and Parliament. NB Real Estate advised Harcourt.