Mishcon de Reya has advised AEW on the acquisition of this Fitzrovia office block from LBS Properties and Baumont Real Estate Capital.
The acquisition represents a significant redevelopment opportunity for AEW, as the building was last refurbished in the 1990s and occupies a prominent, central site which benefits from an abundance of natural light. The asset currently comprises 20,677 sq ft of office space split over six floors and is fully let to a sole tenant on a short-term basis. Plans for the redevelopment include a new façade, an additional floor of office space and a communal roof terrace. Works are expected to begin in early 2025.
Nicholas Kirby, Commercial Real Estate Partner at Mishcon de Reya commented: "We are delighted that we were able to advise AEW on the acquisition of this development site. The deal underlines the continued need for the development of high-quality, sustainable office space in prime London locations, and the opportunities that exist for those who invest in the sector. We look forward to continuing to advise AEW on the development of this asset and their continued portfolio expansion."
Nicholas Kirby from Mishcon de Reya's Real Estate department and Ross Bryson and Emma Webb from the Corporate department led on the acquisition.
With over 130 fee earners including 44 partners, Mishcon de Reya's Real Estate department is one of London’s largest and most diverse property teams. Our Real Estate department comprises well-regarded specialist practice areas and provides a one stop shop for all of our clients' property requirements. The team provides a seamless service from investment, structuring, funding, acquisition and planning, through to construction, development, tax and litigation advice. Mishcon's Corporate department has a dedicated Corporate Real Estate team comprising 5 partners and 8 associates, who work side-by-side with the Real Estate department.