Global asset and investment manager, Tudor Capital Europe LLP, is set to locate its new UK headquarters at Crown Estate's 10 New Burlington Street development. The building forms part of Regent Street's £1 billion regeneration.
In one of the most substantial West End lettings this year, Tudor Capital Europe will move into some 40,000 sq ft across two floors at the £250m redevelopment, following on from a 30,000 sq ft letting to Ares Management at the same building. The addition of Tudor Capital Europe to the line-up at 10 New Burlington Street means the office element (around 100,000 sq ft) is 75% let at completion, with the building's 33,000 sq ft of retail space already occupied by J Crew and Watches of Switzerland.
Tudor Capital Europe's move illustrates strong demand for office accommodation on Regent Street, where the investment has so far delivered 750,000 sq ft of high quality modern office space since 2002. Current redevelopment projects are set to create a further 150,000 sq ft over the next two years. Regent Street's outstanding roster of office customers already includes Twitter, BBH, Exane, Apple and Telefonica Digital.
David Shaw, Head of the Regent Street portfolio said: "Tudor Capital Europe's decision to choose Regent Street is further proof of our success in attracting global businesses looking for the type of high quality, modern office space that we're providing, complimented by all the amenities our area has to offer."
The recent success of Crown Estate's 'Offices By Regent Street' product indicates how this long-term development pipeline is now meeting growing demand in the West End occupier market, reflecting improved confidence driven by the growing economy and rising employment. Office take up on Regent Street rose by 90% in the 12 months prior to March 2014, compared to an increase of 31% over the wider West End in the same time span.
CBRE acted for The Crown Estate and Savills acted for Tudor Capital.
Source: Crown Estate www.thecrownestate.co.uk 27.05.2014
02/06/2014 20:21 by Buildington
The Crown Estate has signed a lease agreement with Ares Management Ltd, the United Kingdom affiliate of US-based Ares Management LLC, for 2,800 m2 (30,000 ft2) of office space at 10 New Burlington Street within Regent Street's £250 million W4 redevelopment, which is being carried out by The Crown Estate and Exemplar.
Ares Management is the latest international business to move its UK offices to Regent Street.
This lease is illustrative of a surge in demand for office accommodation on Regent Street, where the £1 billion investment strategy being delivered by The Crown Estate since 2002 has been creating high quality, modern office space into a market that has been characterised by low supply and, in recent years, relatively weak demand.
In the last quarter, The Crown Estate has leased more than 8,400 m2 (90,000 ft2) of office space on Regent Street demonstrating the area's growing reputation as the destination of choice for global businesses.
Demand on Regent Street in 2013 is indicative of growth in the wider West End office occupier market. Take-up in the core West End in 2013 was almost 20 per cent higher than in 2012 and 2013 saw more deals done at over £100 per square foot than in the past four years combined.
David Shaw, Head of the Regent Street Portfolio said: "Our long term approach to investing in Regent Street has seen us develop new high-quality office space over the last ten years, putting us in a strong position to take advantage of the favourable supply and demand dynamics. Attracting world class businesses like Ares Management supports our view that Regent Street is an outstanding place for offices."
The 21st century regeneration of Regent Street has focused on transforming obsolete blocks to make them attractive to global occupiers in the office, retail and leisure sectors. Thus far, redevelopment projects have delivered more than 60,400 m2 (650,000 ft2) of modern office space on Regent Street and projects currently on site are set to deliver more than a further 18,600 m2 (200,000 ft2).
Source: The Crown Estate www.thecrownestate.co.uk 13. January 2014
13/01/2014 14:23 by Buildington
10 New Burlington Street - new on Buildington!
16/07/2013 00:31 by Buildington