Cat A fit out complete on 3rd & 4th floors at 107 Grays Inn Road

LBS Properties is pleased to announce the Cat A+ fit out of the 3rd & 4th floors at 107 Grays Inn Road in Bloomsbury has now completed, offering plug and play space of 2,523 sq ft on the 3rd floor, and 1,533 sq ft on the 4th floor.

Contact Allsop LLP and Ashwell London for further details on the last two available floors.

Three new occupiers signed in 3 weeks at Verse Building, Old Street

LBS Properties is pleased to announce that we have signed up 3 new occupiers in the last 3 weeks at Verse Building, located in London’s Tech City, just a stone’s throw from Old Street Roundabout.

Thirdway is also busy fitting out the 4th floor, providing 2,111 sq ft of plug and play space ready for occupation in May 2022.

Get in touch with Compton and Ashwell London for further information.

O’Keefe Group completes demolition of existing buildings at 135 Park Street

LBS Properties in partnership with Barings Real Estate is pleased to confirm that demolition contractor O’Keefe Group has completed the demolition of the existing buildings and removal of all foundations.

135 Park Street, located in the heart of Southbank, will set a new benchmark for the London office market, with the occupier at the centre of every decision from conception to completion. Watch this space for more information…

Agents: Cushman & Wakefield | RX London | Union Street Partners

Squire and Partners | Gardiner & Theobald LLP | Heyne Tillett Steel | Hoare Lea

Cain International agrees £109 million development loan for green Southbank office with Barings and LBS Properties

London, England, 7th September 2021 Cain International, the privately held investment firm led by Jonathan Goldstein, has agreed a 109 million development loan with Barings and LBS Properties for the delivery of a 146 334 sq ft environmentally friendly office development at 135 Park Street in London’s Southbank.

Located next to the Tate Modern and Shakespeare’s Globe, Barings and LBS Properties have planning consent for the demolition of the existing buildings and subsequent development of 146 334 sq ft of Grade A office space, arranged over 11 upper floors, as well as ancillary retail the joint venture partners are highly focused on the ESG credentials of the completed building and are targeting a minimum of BREEAM with aspirations to achieve “Net Zero Carbon”.

The forthcoming office development has been designed by world renowned architects Squire Partners, with 90% of the floor space designated for traditional office use and the remaining space is to be used as affordable workspace. Demolition work is due to commence in Q3 2021.

“We believe that offices which place an emphasis on sustainability like 135 Park Street are extremely important and will play a critical role in the future success of leading organisations and cities,” said Matteo Milan, Principal at Cain International. We are pleased to be working with such highly regarded sponsors to support the delivery of a new standard of sustainable office space in London. There is no doubt that the asset class is integral for inclusion, diversity and innovation initiatives, as well as developing and fostering both talent and corporate culture.

Darren Hutchinson, Head of UK Real Estate Transactions and Managing Director at Barings, said: “We acquired this development project having recognized the attractive fundamentals of the local market, the lack of Grade A office space available and the unique opportunity it offered to create a new breed of sustainable work space in a sought after location. This development loan from Cain will allow us to realize our strategy and ambition for this site to its full potential and we look forward to working with Cain and LBS in the months ahead.

Nick Crawford, Managing Director of LBS Properties Ltd, commented: “We are delighted to have secured financing from Cain International to support the delivery of this best in class, highly sustainable office building of scale in one of London’s most attractive submarkets. The development will set the benchmark as a forward looking office building, fit for a fast evolving market, with tenant experience our priority from day one, a vision we feel the team at Cain shares completely JLL advised Barings and LBS Properties on the financing, led by Senior Director Edward Daubeney and Director Andrew Hornblower, supported by Senior Analyst Bart Smith and Analyst Tarun Mehta.

Barings and LBS Acquires Southbank Office Development Scheme for £43.25 Million

Barings, one of the world’s largest diversified real estate investment managers, has completed the joint venture acquisition of an office development scheme in Southbank, London for £43.25 million. LBS, a London based developer, is Barings’ joint venture and development partner for the project. The development scheme was acquired from LaSalle Investment Management.

The site has full planning consent for the demolition of the existing Emmerson building and the development of c. 150,000 sq ft of new Grade A office space that will be built to the highest sustainability standards with the target of creating a net zero carbon building.

On completion, the new building will comprise 11 upper floors of high quality, Grade A office with a ground floor retail unit and complemented by 14,000 sq ft of affordable workspace at lower ground, ground and first floor.

Designed by renowned architects Squire & Partners, occupiers of the building will benefit from access to a wide range of amenities including a roof top communal terrace overlooking the Thames and the City of London, as well as 300 lockers, cycle storage for 284 bicycles, and 28 showers all on the lower ground floor.

Located in the heart of the ‘Bankside’ village of Southbank, the asset will benefit from easy access to both strong public transport infrastructure with Blackfriars, London Bridge and Waterloo train stations all a few minutes’ walk away, as well as the area’s extensive amenities and cultural landmarks including the Tate Modern, Shakespeare’s Globe and Borough Market.

Darren Hutchinson, Head of UK Real Estate Transactions and Managing Director at Barings, added: “We are pleased to have partnered with LBS who have an impressive track record of delivering similar schemes in London. We very much look forward to working with them to deliver a best in class scheme with strong ESG credentials and that will appeal to a wide range of occupiers and in a vibrant submarket, characterized by very low Grade A vacancy rates and high levels of demand.”

Gunther Deutsch, Head of Transactions Europe and Managing Director at Barings, commented: “This transaction represented a rare opportunity to acquire a well-located development site in a historically undersupplied and attractive submarket of London. We have strong convictions in the London office market and believe that there will continue to be strong demand for well-located Grade A office space with strong occupier appeal.”

Nick Crawford, Managing Director of LBS Properties Ltd, commented: “We are delighted to have secured this rare opportunity to deliver a best in class, highly sustainable office building of scale in one of London’s most attractive submarkets. We are pleased to be working with Barings, an investor with deep investment expertise across global real estate markets, and share a vision of creating a forward-looking office building, fit for a fast-evolving market, with the tenant experience our priority from day one. “

Chris Lewis, Fund Manager for Debt & Value-Add at LaSalle Investment Management, added: “This is an excellent example of value-creation for our client; we have delivered on our business plan to achieve a significant increase in building area through improved planning permission and retain the freehold. We are looking forward to LBS delivering on the scheme and working with them again in the future.”

LBS PROPERTIES SECURES LETTING AT 107 GRAY’S INN ROAD, WC1

Allsop, acting on behalf of development manager LBS Properties, has succeeded in securing a letting of a five-storey office building on Gray’s Inn Road in Clerkenwell, London, to Tetra Tech, a leading global consulting and engineering firm. Tetra Tech is listed on NASDAQ with a market cap in excess of USD 4bn.

Tetra Tech, represented by Ashwell London, will occupy a total of 6,600 sq ft at 107 Gray’s Inn Road across the ground, first and second floors, on a 10-year lease at £58 psf. This leaves a remaining 3,921 sq ft available across the third and fourth floors.

LBS Properties, acting as the property advisor on behalf of the Guernsey-based LBS Real Estate Investment fund, oversaw the comprehensive refurbishment of the building with Oktra appointed as architect and contractor. 107 Gray’s Inn Road provides a total of 10,521 sq ft of office space over five floors as well as facilities which include lockers, cycle parking, showers and a rear courtyard. It’s well positioned to benefit from numerous transport links including King’s Cross, Farringdon, Russell Square, Chancery Lane and Holborn tube stations and can take advantage from the lifestyle amenities on offer at Kings Cross.

James Neville, Partner, Allsop, said: “The letting at 107 Gray’s Inn Road is a really encouraging sign of positive movement in the market. We received a healthy amount of interest in the building despite lockdown. The location is certainly one of the strongest selling points for the property, with the occupiers benefiting from the upcoming Farringdon Cross Rail which is only a few minutes’ walk away as well as transport links and amenities on offer at King’s Cross. This, combined with the high spec fit out, makes an appealing option for tenants”.

Nick Crawford, Managing Director, LBS Properties, said: “With early leasing success, we are really pleased with the outcome at 107 Gray’s Inn Road. The mid-town location presents a fantastic proposition for tenants with excellent amenities and connectivity. The design concept of the building was to showcase the bones of the building yet reflect the local surroundings, with a combination of exposed ceilings, striking light fixtures and modern finishes. We are very proud of the outcome and look forward to welcoming Tetra Tech to the building.”

Allsop acted on behalf of Gray’s Inn Limited and LBS Properties.

Ashwell London acted on behalf of Tetra Tech.