London Offices Bouncing Back Draws £1 Billion Bet By Conversant

New Jersey-based Conversant Capital LLC is calling the bottom of London’s office market, the latest sign that US investors are returning to the city after being spooked by the pandemic and higher interest rates.

The real estate investor signed a partnership with private equity firm Castleforge that will invest in more than £1 billion ($1.4 billion) of London offices, according to a statement Thursday. Conversant has committed an initial £150 million to Castleforge Partners V and the venture has agreed its first two deals, it said.

The US office market emerged from the pandemic with vacancy rates that topped 20% ...