News release

Quarry House in Leeds sold for £243m in city’s largest office investment deal

Department of Work and Pensions office acquired by Legal & General Investment Management

September 23, 2019

Legal & General has completed the purchase of Quarry Hill in Leeds from R20 for £243m.

The 373,000 sq ft landmark building is let to the Department of Work and Pensions for a further 25 years.

Alistair Meadows, head of UK capital markets at JLL, who acted on behalf of Legal & General Investment Management, said: “This transaction reflects the continued demand from annuity funds for long-term indexed leases let to investment grade tenants.  LGIM Real Assets has one of the largest annuity funds in the UK, at £55bn, and the income from investments of this nature enable them to meet their ongoing liabilities.”

Tom Roberts, Head of Strategic Investment, at LGIM Real Assets said: “Our acquisition of Quarry House, Legal & General’s eleventh Government Hub investment, highlights the continued success - and our commitment to - the Government Hub programme. Our investment in the programme has now surpassed over £1.5bn and we have a very strong appetite to secure more. Aiding regional regeneration and supporting employment and productivity growth remains a key driver for us, whilst the Government Hubs Programme is a perfect match for Legal & General Retirement’s pension commitments, offering security through high-quality long-term investments.” 

LGIM Real Assets  was advised by JLL.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.