Landmark has taken the remaining two floors at Crosstree’s 48 Dover Street for its first West End serviced office centre, ahead of a potential 300,000 sq ft medium-term redevelopment of the scheme.
The serviced-office provider has agreed to take 15,329 sq ft on a six-year lease in the heart of Mayfair. It is thought to be paying £65/sq ft.
Crosstree Real Estate Partners bought the freehold interest at 48 Dover Street for £83.5m from Royal London Asset Management in June. The block is next to the 186,000 sq ft hotel and office complex 1-3 Berkeley Street, which Crosstree bought from Aviva Investors in December 2011 for around £150m – representing a capital value of £830/sq ft.
The completion of the Dover Street purchase means Crosstree has unlocked a 1 acre site with the potential for a 300,000 sq ft scheme.
Other Dover Street tenants are investment management firm Stone Harbor Investment Partners, oil and gas company Soco International and asset management firm Renshaw Bay.
Richard Gill, managing director of Landmark, says: “This is our first centre outside the City of London and marks the beginning of our ‘West End Group’, which we aim to grow to mirror the success of the City Group.”
Landmark was established in 2000 and has five serviced office centres in the City – in the Heron Tower, Old Broad Street, Lombard Street, Royal Mint Court, and Holland House, opposite the Gherkin Piazza. Interior design and fit-out company M&A London will create space at Dover Street to accommodate 220 workstations, for launch in November 2013.
27 September 2013 | | Property Week