INDUSTRY NEWS

Huge London office deal for new partnership

The new Regent Street Partnership has completed two huge deals for London offices in Mayfair.

The partnership, formed by Norges Bank Investment Management (NBIM) and the Crown Estate, owns all of Regent Street.

It has spent £28 million on two office projects in Mayfair.

It now owns buildings at 4 Conduit Street and 1 Maddox Street, with a 75/25 split between Crown Estate and NBIM respectively.

The Conduit Street office has 6,000 square feet of space, and will be let entirely to the Greek Tourist Office. The building cost £5m.

Maddox House is much larger, with five floors, six tenant offices, and retailers using the building.

It boasts 17,000 square feet of space and went for £23m.

Paul Clark, from the Regent Street Partnership, said: “This is an exciting year for the Regent Street Partnership and also the Crown Estate, which remains focused on enhancing its long-term contribution to the Treasury.”

The deals add to the partnership’s existing portfolio, comprising some £1.5 billion of Regent Street property assets.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office space

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