INDUSTRY NEWS

‘White elephant’ Ark filled by owner

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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.

 

Image: Geograph

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