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