This weeks property news from the central London boroughs
A weekly round up of the latest property news from the central London Boroughs.
City of London
PW reports that The Leadenhall Building is fully let after Kames Capital, MS Amlin and Rothesay Life committed to taking the three remaining floors.
City of Westminster
All news outlets reported that Aberdeen Asset Management has sold 355-361 Oxford Street – the largest property in its £3.2bn UK property fund – to Norges Bank Real Estate Management for £124m. Aberdeen put the asset up for sale through CBRE for £145m, at a 3% yield, less than a fortnight ago, giving potential bidders tight timescales to make offers and complete. Although £124m is below the asking price it is still well above the £76m Aberdeen paid in 2011, which reflected a 427% yield. The main tenant of the 59,000 sq ft asset is Boots, which has a store at the front and offices behind.
EG reports that one of the biggest accelerators in the tech industry has moved its European HQ from Tech City to Paddington. Techstars has signed a deal with flexible workspace group Central Working for 60 desks on a multi-year lease at 2 Kingdom Street. The accelerator was previously based at Warner Yard, EC1. Promotional and start-up supporter London & Partners has also taken space in Central Working as it expands from its HQ at 2 More London.
PW reports that Hugo Boss is moving out of its New Bond Street store, despite doubling the size of it just two years ago. Hugo Boss opened a new 15,00 sq ft flagship store on Regent Street in December, after signing a lease with The Crown Estate to move into a space twice the size of its former store on the street.
PW reports that Societe Generale has signed a new 10-year lease at 8 St James’s Square at a rent of £150/sq ft.
EG reports that yoga-inspired apparel company lululemon is set to open in the 8,200 sq ft 185-191 Regent Street, vacated by Gant. Gant was paid a £5m premium by The Crown Estate to end its lease early and take up a £1m pa 10-year lease across the road at 184-186 Regent Street.
EG reports that Morgan Stanley has sold the new 125-year leasehold interest on its private Mayfair bank on 9 Upper Grosvenor Street to a European investor for £11.8m – a 3% yield.
Tower Hamlets
EG reports that WeWork has abandoned plans to lease 45,000 sq ft at Canary Wharf Group’s 159,470 sq ft 7 Westferry Circus, currently under construction.