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As the aftermath of the BREXIT continues to settle in, it remains to be seen how low London's Commercial Real Estate (CRE) market will drop.

U.S bank Wells Fargo has paid nearly $396 million ($395.6 million exactly) for an office building in London's financial district. Whether Wells Fargo took advantage of the strong dollar - with the English Pound having weakened - in making this move is unclear, but the bank has been looking to consolidate its 850 London employees for a while now.

The move will allow the bank to “more efficiently and effectively manage our operations.” - Frank Pizzo, Wells Fargo’s regional president for Europe, Middle East and Africa.

With 227,000 square feet to work with, $396 million might seem like a bargain once the CRE market in London is re-established.

Currently, many foreign firms operate through London, but it remains unclear if and how they will be able to do so while England has yet to determine its course of direction. If restrictions and regulations intensify, many experts predict 4% of London's office occupancy will relocate.


Cerco Funding LLC is a New York-based real estate private equity firm. Cerco acts as a direct portfolio lender originating commercial bridge loans nationwide. Cerco has extended capital for acquisitions, refinancings, repositionings, and a host of special situations.

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