A London office regeneration firm has announced the successful acquisition of two office buildings f0r Â£35m.
Derwent London has acquired the buildings located on 25-27 Berners Street and 29-33 Berners Street in the West End of London from owner occupier PRS for Music.
Both buildings span eight floors with 25-27 Berners Street offering 35,200 sq ft and 29-33 Berners Street, slightly bigger at 44,300 sq ft. The two builds providing a combined total of the 79,500 sq ft of London office space for the firm.
Derwent London chief executive officer, John Burns, said: “These acquisitions represent excellent additions to our substantial Fitzrovia and North of Oxford Street estates where our ownership extends to 1.6 million sq ft.
The properties offer regeneration and redevelopment opportunities in the longer term.”
PRS for Music has initially leased back both of the properties for a three-year period, subject to a tenant only break after an 18 month period.
Once the tenant has vacated the offices, both buildings are likely to be refurbished and turned into contemporary office by the London firm.
Derwent is a london based office regenerator and investment group. The firm has an investment portfolio of 5.3m sq ft worth around Â£2.7bn.
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