Bloomberg News

Olympics Group Said to Accept Media Center Bids Starting October

September 26, 2011

Sept. 26 (Bloomberg) -- The company selling real estate that’s being built for the London 2012 Olympic Games will start accepting bids for two media centers next month, according to two people with knowledge of the matter.

The Olympic Park Legacy Company will take offers for the 91,689 square meters (987,000 square feet) of space until the end of the year, said one of the people, who declined to be identified because the information is private. Neither would disclose an asking price for the properties, which will cost 350 million pounds ($543 million) to construct.

“There is a huge amount of commercial interest in the press and broadcast centers and we intend to formally go out to the market in the autumn,” Andreas Christophorou, a spokesman for the company, said by e-mail.

London Olympic officials are seeking buyers for buildings and sports facilities erected for the Games as they try to avoid the legacy of previous host cities like Athens that were left with underused or dormant structures. At least one tenant will be found for the sites by the second quarter of 2012, the people said.

The media centers, located in the northwest corner of the Olympic Park, will have space for 8,000 journalists during the six-week event. The legacy company last month agreed to sell the Olympic Village, which cost 1.1 billion pounds to build, to Delancey and Qatari Diar Real Estate Investment Co. for 557 million pounds.

The Broadcast Centre has 8,872 square meters of office space over five floors and 53,362 square meters of commercial area. The five-story Press Centre has around 29,455 square meters of office space.

The legacy company is responsible for ensuring that the 560-acre (227-hectare) Olympic Park is used to benefit east London, which includes some of the city’s most deprived areas. The company is being advised by Los Angeles-based CB Richard Ellis Group Inc.

--Editors: Ross Larsen, Jeff St.Onge.

To contact the reporter on this story: Chris Spillane in London at cspillane3@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.


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