CBRE Global Investors, King Street Real Estate GP, L.L.C. and Arax Properties have pre-let 153,000 square feet at 280 Bishopsgate in the City of London to leading global law firm Baker McKenzie on a 15-year term.
The 280 Bishopsgate office building was acquired with vacant possession in December 2019 on behalf of CBRE Global Investors’ value-add fund, Europe Value Partners 2 (EVP 2), along with funds managed by King Street Capital Management (King Street) and Arax Properties.
The partnership is in the process of a comprehensive refurbishment to be completed in Autumn 2021.
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“We are very excited to be moving to this new, modern and eco-friendly space in which we can collaborate and interact with each other and with our clients.” said Alex Chadwick, Baker McKenzie’s London Managing Partner.
“This value-add opportunity is in line with EVP 2’s key investment strategy of repositioning to core. The prime location and lack of Grade A space against strong occupational demand makes this a very exciting project and one we look forward to delivering in 2021.” said Christina Forrest, Fund Manager, EVP 2, CBRE Global Investors.
“Along with our trusted partners, CBRE Global Investors and Arax Properties, we are thrilled to welcome Baker McKenzie and its employees to their new offices where they will enjoy the convenience of a truly dynamic environment.” said David Walch, Partner at King Street.
Giles Morse, Partner, Arax Properties added: “Arax is delighted to have successfully pre-let 60% of this landmark refurbishment within a little over six months from acquisition. We look forward to delivering a market-leading office and welcoming Baker McKenzie to the building.”
The agency team is Cushman & Wakefield, CBRE and BH2. Further information can be found at helloduo.london.