A weekly round up of the latest property news from the central London boroughs.
City of London
EG reported that Insurance firm Aspen, one of the first companies that was expected to move into 22 Bishopsgate, EC2, has pulled out of preletting 70,000 sq ft at the upcoming 1.4m sq ft 62-storey skyscraper.
EG reported that the Mormon Church is close to buying a £100m City office building that has Lloyds Banking Group among its tenants. A subsidiary of the Church of Jesus Christ of Latter-Day Saints is in exclusive talks to purchase the Alder Castle building
PW reported that Stanhope and the Swiss Investment Foundation AFIAA has completed a 96,805 sq ft letting at its City of London office Gresham St Paul’s. Financial and professional services firm Smith & Williamson has agreed to move its London headquarters to the building, occupying the ground to fifth floors. Smith & Williamson will be relocating from their existing offices at 10 and 25 Moorgate in the City of London to the office, which is due to complete in Q3 2020.
City of Westminster
EG reports that Royal London is understood to be buying 25 Soho Square, W1, from Aviva Investors for upwards of its circa £73m asking price. The property provides more than 42,000 sqft of office space to tenants including software firm Palantir Technologies.
EG reports that British Land has expanded its flexible workspace offering with the launch of Storey Club. Storey Club will be rolled out across British Land campuses over the next 12-24 months, with the first set to open at 4 Kingdom Street, Padding Central, W2.
PW reported that Omani billionaire P.N.C Menon is set to invest up to £500m in the London luxury residential market. Last Wednesday (1st May), Menon opened the London office, called Sobha Global Studio, in Foxtons’ former head office on 92 Park Lane. “We’re looking at investing between £400m and £500m in the London residential market” Stated Menon.
PW reported that Law firm BDB Pitman has instructed agents to help it look for a new office in the City of London. The firm has two offices in the capital: an existing City site in a BE office building at 107 Cheapside and an office at 50 Broadway in Westminster.
PW reported that Canary Wharf Group (CWG) has completed a 365,00 sq ft letting to the European Bank for Reconstruction and Development (EBRD). The organisation will take up the space in a new office building at 1t-5 Bank Street on the Canary Wharf Estate.
EG reported that the development potential and overwhelming lack of supply on London’s South Bank has tempted Allied London back to the capital for its biggest development project in more than a decade.