This Week's London Deal Sheet
The Deal Sheet is a weekly compilation of Greater London and beyond's biggest leases, sales, financing deals, construction updates and personnel moves. Have news you’d like to submit? Email [email protected].
Invesco Real Estate and development manager YardNine have agreed on a new lease with Japanese pharmaceutical company Shionogi for 14K SF at Fifty Paddington. Three units totalling 25K SF remain available at the 85K SF Grade A office and retail development.
Shionogi is due to take occupancy of the third floor in the second quarter and will join tenants including healthcare company Oracle, software company ISN, St. James’s Place Wealth Management and The English Football League. The development is also home to food and beverage operator Vapiano, gym Ultimate Performance and coffee operator Treelogy Speciality Coffee.
LEASING
Litigation specialist Stewarts Law has agreed to a renewed lease at Landsec's 5 New Street Square, EC4. The law firm will expand its office space by 40%, taking an additional 21K SF for a total of 70K SF across three floors. The deal brings the building to full occupancy, Landsec said.
Landsec is carrying out refurbishment of 5 New Street Square to decarbonise and modernise the space, which will include a new and enlarged reception plus a new communal terrace. All gas boilers will be replaced with air-source heat pumps, and the new space will target a minimum of BREEAM Excellent and WELL Gold.
Landsec also signed a deal with law firm Taylor Wessing, which recommitted to the building and will occupy a refurbished space.
Landsec was advised by Newmark BH2, and Stewarts was advised by Cushman & Wakefield.
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Prosemino, a venture builder that co-founds early stage clean energy technology companies, has leased more than 2,500 SF of laboratory and office space at Canada Water in British Land’s new 33K SF modular lab space, Paper Yard.
Prosemino has taken 1,800 SF of wet and dry lab space at Paper Yard, as well as 700 SF of office space.
Designed by Hawkins\Brown, Paper Yard will accommodate scientific requirements including research work and education, according to British Land. JLL advised British Land on the transaction, while Metric Real Estate advised Prosemino.
DEVELOPMENT
Greystar Real Estate Partners has won planning approval from Southwark Council for amendments to its build-to-rent development at the former Peek Freans Biscuit Factory site in Bermondsey, south London.
The amendments build on the original scheme, designed by KPF on behalf of Grosvenor, and changes include the delivery of an additional 88 homes, bringing the total to 1,624, as well as increasing the number of homes for social rent. The site will include new homes for a range of rents, a new secondary school, play areas, and cultural and retail spaces.
The initial plans for the Bermondsey Biscuit Factory site were approved by the Greater London Authority in February 2020 and designated that it would be entirely BTR. Greystar acquired the site in September 2022 and appointed HTA Design as the master planner and landscape architect, with the buildings designed by a combination of HTA, Hawkins\Brown and Arney Fender Katsalidis.
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AXA IM Alts has achieved practical completion of the 90K SF Grade A office space across 12 storeys at the Assembly Bristol’s Building C.
Rated BREEAM Excellent and SmartScore certified, Building C’s upfront embodied carbon has been reduced by 45% compared to a typical office building, according to AXA IM. The property includes balconies on each floor and a 5K SF rooftop terrace with a club lounge.
Bristol-based law firm Clarke Willmott has relocated its head office to the top two floors of the new building, while Internet of Things connectivity solutions specialist Nordic Semiconductor has occupied the nearly 8K SF ninth floor of Building C, which is 26% let.
FINANCE
Greykite Investment Adviser, a newly launched private capital investment advisory firm, has secured a capital investment from Constellation and Leucadia Asset Management to invest across a series of asset classes in Europe, the company said.
Michael Abel will oversee Greykite’s strategy, fundraising and investment business, and he will serve as chairman of the Executive and Investment committees. He was previously an equity partner at TPG.
DEALS
UK Commercial Property REIT has sold its 67K SF office building in Temple Quay, Bristol, to Tri7, a value-add real estate investment and asset management firm.
The building at 2 Rivergate in Temple Quay has sold for £14.5M and is let until March 2025 to the Secretary of State for Levelling Up, Housing and Communities.
