London-listed UK office multi-let specialist Workspace Group has acquired the freehold of 13.15 Fitzroy Street, London W1, from Arup for £98.5 mln (€115 mln).
The prime office building, located in Fitzrovia, provides 92,700 ft2 of lettable space over lower ground, ground and six upper floors.
'This is a really exciting purchase for Workspace, giving us a presence in an attractive location with a building ideally suited to our operational model. The transaction emphasises our commitment to expand further through targeted acquisitions, adding to our existing pipeline of refurbishment and redevelopment projects, to deliver superior value and returns to shareholders over the long term,' commented Jamie Hopkins, chief executive officer of Workspace.
The property is occupied and let to Arup until September 2022, although the tenant, which plans to relocate, has the option of exiting from September 2020.
Workspace said it planned to reposition the building in due course as a multi-let business centre and aim to capture significant rental uplifts. The floor plates are ideally laid out for the creation of different sized units around a central atrium which offers natural light throughout the building.
