Vogue House sold to billionaire Israeli shipping mogul for $142 million

By Riya Makwana

Vogue’s London offices have been sold to an Israeli shipping billionaire in a £75 million ($142 million) deal.

Publisher Conde Nast has sold Vogue House in London’s Mayfair to Eyal Ofer, a Monaco-based, Israeli businessman worth an estimated $US23 billion ($34 billion).

Vogue House, home to the British Vogue magazine in London.
Vogue House, home to the British Vogue magazine in London.Credit: Alamy

The seven-storey building on Hanover Square, which was built in 1958, had been marketed for £70 million, but Ofer is understood to have paid £75 million for the property. His company, Global Holdings Management Group, confirmed the sale on Monday.

The deal comes as Vogue and other Conde Nast magazines based at Vogue House, including Tatler and GQ, move out of the building.

Eyal Ofer has added Vogue House to his extensive property portfolio.
Eyal Ofer has added Vogue House to his extensive property portfolio.Credit: Bloomberg

Staff were told in January last year that Conde Nast would leave the office block after more than six decades.

Vogue House has hosted some of the biggest names in fashion, music and royalty over the decades, with notable associations to Vogue (US) editor-in-chief Anna Wintour, supermodels such as Kate Moss and Naomi Campbell, and Princess Diana.

Conde Nast said it made “many attempts to find a way to expand and redesign the space to meet our needs, [but] there were just too many challenges to be able to do so”.

The building will be renamed 1 Hanover Square once the sale is completed.

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Ofer, 73, inherited his fortune from his father, Sammy Ofer, an Israeli shipping tycoon who was at one time the country’s richest man.

He joined his father’s business in the early 1970s and played a leading role in growing the company by investing in property, hotels and banking.

Vogue US editor Anna Wintour has long links to Vogue House.
Vogue US editor Anna Wintour has long links to Vogue House.Credit: Getty Images

The businessman has a longstanding association with Britain. In 2012, he helped to fund the building of the Gloriana, the first Royal barge to be built for over 250 years, to celebrate Queen Elizabeth II’s diamond jubilee. In 2013, he donated £10 million to Tate Modern.

Vogue House adds to Ofer’s extensive property portfolio, which includes several buildings on New York’s Park Avenue. Last year, he bought the luxury hotel Mondrian Park Avenue hotel and Anagram Columbus Circle, a residential tower between New York’s so-called “Billionaire’s Row” and Central Park.

Conde Nast has sold the leasehold of Vogue House to Ofer. The freehold is owned by The Church of England’s property arm.

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Source: Thanks smh.com