AEW Acquires 95 New Cavendish Street from LBS Properties and Baumont Real Estate Capital
LBS retained as Development Manager for flagship West End office repositioning scheme
LBS Properties, in partnership with Baumont Real Estate Capital, is pleased to announce the sale of 95 New Cavendish Street, W1 to AEW.
Located in the heart of Fitzrovia, this prime redevelopment opportunity will comprise 22,589 sq ft of office space across lower ground, ground and six upper floors. With LBS securing planning consent for a best-in-class redevelopment designed by Stiff + Trevillion in 2024, the project will create two additional floors, a communal roof terrace and market-leading sustainability credentials, targeting BREEAM Excellent and EPC A certifications.
AEW plan to commence construction later this year. LBS has been retained as Development Manager to oversee the transformation of the property, reflecting our ongoing commitment to delivering state-of-the-art, sustainable office accommodation in central London’s most vibrant districts.
Nick Crawford, CEO of LBS Properties, commented:
“We are delighted to have concluded the sale of 95 New Cavendish Street to AEW, a highly respected investor in the real estate sector. This project represents an exciting opportunity to deliver a future-ready, sustainable office building in Fitzrovia, where demand for premium space continues to outstrip supply. We look forward to working closely with AEW to bring this vision to life.”
For more details about this project and updates on its progress, stay tuned to our website and LinkedIn page.
LBS agrees 70,000 sq ft. lease with global law firm at Moorgate
We are proud to announce that the entire 70,000 square feet office component of 25 Moorgate, our landmark office development in the City of London, has been pre-let to global law firm Watson Farley & Williams for a 15-year term.
25 Moorgate is everything that retrofit should be. We have worked with the fabric of the original building to create a next generation workplace, designed with a focus on occupier wellbeing and sustainability. This is the second Net Zero Carbon office building we will deliver on behalf of our client Barings, who share our vision of the future of offices.
We are thrilled to contribute to the continued evolution of London’s office landscape. Learn more about our commitment to a sustainable future at 25 Moorgate here: 25moorgate.uk/sustainability
TIDE Bankside officially launches
Last week, we officially launched TIDE Bankside, a landmark new office building in London’s Bankside district.
To mark the occasion, we welcomed over 200 of London’s finest leasing and investment agents. Guests were treated to panoramic views of the capital, a walkthrough of the finished space – and the chance to celebrate the delivery of this flagship project.
TIDE is a Net Zero carbon, 12-storey, 145,000 sq. ft office building designed by award-winning architects Squire and Partners.
For more information, contact our agents: Cushman & Wakefield, RX London & USP London
TIDE Bankside is a joint venture between Barings and LBS Properties.
New lease agreed for 7,321 sq ft at Script, EC1
Coalition Greenwich has signed for 7,321 sq ft at Script, our development in Old Street.
A leading global provider of benchmarking analytics, Coalition has taken fully fitted office space on the second floor of the building, which is located near Old Street tube station, on a five-year lease.
LBS Head of Acquisitions, James Willson says: “LBS is delighted to welcome Coalition Greenwich as the latest tenant to Script. We continue to experience strong underlying demand from central London occupiers for high-quality buildings that offer outstanding amenity. This letting attests to the quality of Script’s design, location and strong ESG credentials.”
Peter Hall, co-head of Workthere UK, which secured the letting for LBS, added: “We are thrilled to announce the completion of another letting on behalf of our client – LBS is a forward-looking landlord working collaboratively with advisors and occupiers to provide innovative leasing solutions. This is the third fully inclusive letting we have secured at Script and the fifth in the City Fringe on behalf of LBS over the past year, underscoring the ongoing demand for high-quality managed spaces in London.”
LBS & Barings secure first TIDE Bankside letting
Alongside our joint venture partner Barings, we are proud to have agreed the first pre-letting at the TIDE Bankside development.
Having bought the site with full planning permission in 2021, the JV has agreed a lease spanning the entire third floor of c.13,907 sq ft with Costello Medical. The company, which provides scientific support to the healthcare sector, has signed a 15-year lease.
Costello Medical is expected to take occupancy of its space shortly after the building completes this summer, moving from its existing office on Old Broad Street.
Tide comprises 11 upper floors providing 133,794 sq ft of grade A office space, along with a ground floor retail unit and 11,560 sq ft of affordable workspace on the lower ground, ground and first floors. The Squire & Partners-designed development includes a 5,167 sq ft rooftop communal terrace.
Cushman & Wakefield, RX London and USP are letting agents for Tide.
Nick Crawford, CEO of LBS Properties said: “TIDE’s design, location and market-leading sustainability credentials make it the perfect home for forward-looking businesses seeking to provide the very best in workplace experience for their teams.”
Rose Wickstead, London office lead, Costello Medical, said: “It is so important to us to provide our talented, hard-working teams with a fantastic professional home to foster connection and collaboration.
“As a B corp, Tide’s best-in-class green credentials and the social value it will create were deeply appealing to us. In Barings and LBS, we found real estate partners who understand our needs and we’re looking forward to being part of the Tide community with them and our soon-to-be neighbours in a cutting-edge building in such a brilliant central London location.”