Leasing
* JP Morgan Asset Management has pre-let approximately 465,000 sq ft at its One Spitalfields development in the City of London to quantitative trading firm Jane Street * Jane Street will roughly double its existing London footprint, moving from its current premises at Devonshire Square once redevelopment completes, expected in
Investment
* Mirae Asset Global Investments has put 20 Old Bailey back on the market through Cushman & Wakefield at a guide price of £254,100,000, reflecting a 5.75% net initial yield * The Korean institutional investor bought the freehold from Blackstone in 2018 for £340m, following a comprehensive repositioning of
Investment
* CIT Group is bringing 12 Arthur Street, a 103,827 sq ft multi-let office building in the City of London, to market with CBRE instructed as sole selling agent, at a quoting price understood to be £124.5 million. * The pricing reflects a net initial yield of approximately 5.
Investment
* The freehold of Marylebone Place at 1 Wyndham Street has been returned to the market after a restructuring of the current lease. * Vendors are TPG Angelo Gordon and Beltane Asset Management; sole tenant is Union Bancaire Privée (UBP); joint marketing advisors are CBRE and Michael Elliott. * 74,833 sq ft
Investment
* Blacksand, the Bahrain-based investment firm, has acquired the freehold of 51 Eastcheap, EC3, a 89,459 sq ft City of London office building let entirely to WeWork, for approximately £70m * Seller was a joint venture between Polus Capital Management and Greycoat, which had themselves acquired the asset out of
Leasing
* Deutsche Bank has agreed a 15-year lease on approximately 150,000 sq ft across five floors (levels one to five) at YY London, 30 South Colonnade, Canary Wharf, with occupation expected from early 2028 * Building owners Oaktree Capital Management and Quadrant Estates were advised by Knight Frank and CBRE
Investment
* KKCG Real Estate Group, the property arm of Czech billionaire Karel Komárek's investment group, has completed the acquisition of the 1 St James's Square freehold in London's West End for £291m from Hong Kong-listed Lifestyle International Holdings * Sellers were advised by JLL and
Investment
* Asset & Location: 27 Savile Row, Mayfair, London W1S 2EX (former West End Central Police Station site earmarked for comprehensive office and mixed-use redevelopment). Agreed transaction value is approximately £100 million. * Key Parties: Purchaser: BNF Capital (family office of the Perrodo family) in partnership with Morgan Real Estate. Vendor:
Policy
The UK government has published an interim response updating the Minimum Energy Efficiency Standards (MEES) for non-domestic (commercial) private rented properties in England and Wales. The update shifts to a highly targeted approach that focuses heavily on larger properties while giving relief to small businesses. Here is a summary