LDS Church in talks to buy London office building for $129M, report says

The Church of Jesus Christ of Latter-day Saints is negotiating to buy a London office building for a reported $129 million, according to Bloomberg.

Citing anonymous sources, Bloomberg reported that the church’s real estate company, Property Reserve Inc., is in exclusive negotiations to buy the Alder Castle building at 10 Noble St. for 100 million pounds. A fund managed by M&G Real Estate is selling the building, which went up in 1999.

According to the building’s website, it has undergone an “extensive refurbishment” and features “high-quality office accommodation.” Amenities include terraces and green spaces; a “discreet drop-off”; shower and locker facilities; bike storage; access to public transportation; LED lighting throughout; 24-hour security; and “striking views” across the city, including a view of nearby St. Paul’s Cathedral.

Among the tenants leasing space at the central London building are Lloyds Banking Group, which occupies more than 45,000 square feet of office space in the lower half of the building; asset manager MSS Capital; and the law firms WilmerHale and Paul Weiss.

The LDS Church referred questions to Property Reserve Inc., which declined to comment on the report.

The Utah-based faith bought a 40-story apartment tower in Chicago’s South Loop last year and previously erected a 30-plus-story apartment building across the street from its temple in Philadelphia. It is currently developing a mixed-use project surrounding its temple in Mesa, Ariz.

Of course, the church also built City Creek Center — combining retail, offices, restaurants, apartments and condominiums in the heart of Salt Lake City near its iconic temple, which is scheduled to close Dec. 29 for four years to undergo a seismic retrofit and other renovations.