TAG Farnborough Airport has acquired Meadow Gate, a 38,000 sq ft office at Farnborough Business Park, from US private equity group Harbert and asset manager XLB Property.
The sale of Meadow Gate comes less than a year after Harbert and XLB bought the park and follows a number of recent lettings and regears secured under the new owners.
TAG Farnborough Airport is the owner and operator of Farnborough Airport, the business aviation airport adjacent to the park. The purchase of the prominent three-storey office building reinforces TAG’s commitment to servicing its clients at the park.
Tony Lawson, partner at XLB Property, said: “We’re delighted to have concluded this deal with TAG within the first year of our ownership. We have built a strong relationship with TAG, and as our neighbour, we strongly believe that their success will directly benefit our much improved offer at Farnborough Business Park.”
Since purchasing Farnborough Business Park in April 2012, Harbert and XLB have completed a rebrand of the park as well as improving the amenities on site.
The development is continuing with a Costco and Greene King both under construction, scheduled for completion in July and August 2013 respectively.
Farnborough Business Park is already home to tenants including Fluor, RBS and AgustaWestland International.
Harbert and XLB are now focusing on letting Templer, the office space on the park available from 5,000 sq ft up to 50,000 sq ft.
Harbert and XLB Property bought the park from SEGRO in April of last year for £90.1 million.
CBRE, Cushman & Wakefield and Hollis Hockley are leasing agents on Farnborough Business Park and acted for the landlord on the sale.