Crosstree Real Estate Partners is under offer to sell its prize office building at 33 St James’s Square for around £100 million, CoStar News understands.
The building, which it took on as part of its acquisition of serviced offices platform Argyll, is likely being eyed by United States technology billionaire Larry Ellison with vacant possession, sources told CoStar News, who also said a private Saudi investor has made a strong bid.
Ellison is the co-founder of technology group Oracle and as of 8 September, is the second-wealthiest person in the world, according to Bloomberg Billionaires Index, with an estimated net worth of $286 billion.
JLL and Eastdil were mandated by Crosstree to lead the sale process for the 42,000-square-foot building. The Grade-II listed site, which was constructed in 1789, is near Piccadilly Underground station and is one of 10 freehold office assets owned by Argyll.
CoStar News revealed that Crosstree was bringing the office block to market in June, just days after it acquired Argyll from Alpine Grove Partners and The Baupost Group for around £330 million.
Larry Ellison agreed to buy an office on the same prime London square for £162 million from Hong Kong listed investor Chinese Estates at the end of last year.
The buyer of 11-12 St James's Square was ultimately wholly owned by a trust named The Lawrence J Ellison Revocable Trust set up in California. Lawrence J Ellison is the sole beneficiary, trustor and a co-trustee of the trust, with Paul T Marinelli the other co-trustee.
The building is almost entirely vacant and it is understood Ellison has bought it for occupation by one of his businesses.
Argyll is a London-focused high-end serviced office business operating 25 sites across London ranging from listed buildings to modern office properties. The business was acquired by Alpine Grove and Baupost through a restructuring process in 2021.
Previously known as London Executive Offices, Argyll was bought by Celvam from Queensgate Investments for £475 million in 2017 and relaunched as The Argyll Club in 2018.
JLL and Crosstree Real Estate Partners declined to comment. Eastdil Secured and Ellison did not respond to request for comment.