American company buys legendary McLaren F1 headquarters

McLaren sold its iconic headquarters, including the Formula 1 factory, to a New York-based real estate investment company for nearly $ 240 million.

Global Net Lease announced the deal earlier this week, announcing that it will acquire the entire 840,000 square foot complex in Woking, Surry, England under a 20-year triple net lease. A “triple net” leasing means that the tenant – McLaren – no longer owns the property, but pays all the costs.

The selling price was quoted by Autoblog at $ 236 million.

“Why should we have all our money in real estate?” McLaren Racing CEO and American Zak Brown told the Italian media company La Gazzetta dello Sport. “We’re not a real estate company. We’re a racing team and an automotive company. There’s a lot of money in this building and it’s not a productive asset to investing in our business,” he added.

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The award-winning McLaren Technology Center was founded in 1998 by Ron Dennis and was originally called “Paragon” and was designed by the renowned architect Norman Foster.

“We look forward to our long-term partnership with McLaren and the benefits of this transaction for Global Net Lease,” said James Nelson, CEO of the New York-based company.

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