The trend for very wealthy individuals and families now buying trophy commercial property is fascinating.
The GM Building in New York, the Gherkin in London and the Paris Marriott hotel are just a few of the bolder building sales to have captured the imagination of these investors in recent years.
When families buy iconic property in the global markets, they are willing and able to pay more than commercial investors in order to create a portfolio of property for their future generations. These UHNW individuals and families buy and hold – knowing that the best property always increases in value. Joseph Safra’s purchase of the Gherkin building in London is a recent example of this trend.