Property developer GE Real Estate is set to occupy 100,000 square feet of its own office space in the Ark, the landmark building in Hammersmith that quickly became a ‘white elephant’ after a string of insolvent tenants and unwanted vacancies.
The group purchased the building for £49 million back in 2006, and spent a further £20 million refurbishing it. Hoping first to let the property and then sell it on – perhaps for as much as £120 million – GE were disappointed, with little interest occurring.
GE’s plan is to move in employees from three other properties. The deal will mean that the Ark is almost two-thirds let – an unheard-of achievement in all of its 18-year history. 57,000 square feet of office space remains empty.
The Ark was designed by Swedish-based architect Ralph Erskine and construction was completed in 1992, at the end of the last recession.