Lazari Investments is pleased to announce that it has let the entirety of its new scheme at 91 Wimpole Street, London, W1 before completion, with The Office Group (TOG) taking over 42,000 sq ft and CBRE acquiring 10,000 sq ft.
The building was formerly occupied by Debenhams before its move to Euston and Lazari has carried out a comprehensive reconstruction and refurbishment, creating traditional space brought up to a state of the art specification including a glazed atrium and scenic lifts. The accommodation totals 57,000 sq ft arranged over basement, ground and four upper floors together with two roof terraces.
Part of the basement and first to third floors totalling 42,500 sq ft have been let to The Office Group, a leading provider of design-led flexible offices, co-working spaces and meeting rooms, on the basis of a 20 year lease subject to five yearly rent reviews.
The top floor totalling 10,000 sq ft has been taken by CBRE, the leading global real estate consultant as an annexe to its 100,000 sq ft West End headquarters, Henrietta House, Henrietta Place on a con-terminous lease.
The remainder of the basement comprises bicycle spaces, showers and lockers for the benefit of both occupiers. The quoting rent for the building was £77.50 per sq ft.
Nicholas Lazari of Lazari Investments, the substantial London West End private family investor, said: “This is the third significant office scheme carried out by the company since the original refurbishment of Henrietta House and the reconstruction of 82 Baker Street where the sitting tenant Publicis left the building and reoccupied following completion of the works. We are delighted to lease further space to CBRE and also venture into the fast growing flexible office sector with the disposal to The Office Group.”
Lazari is now poised to acquire, refurbish and let other buildings within its new development and trading vehicle. The first of such schemes will involve the 30,000 sq ft 262 High Holborn which it bought at the end of 2015.
Charlie Green, Co-CEO of The Office Group, said: “We know the area well with some buildings nearby and this is a gorgeous refurbishment we’re taking on. Lazari Investments have been a pleasure to deal with and we’re very excited to be working with them on this project.”
John Kent, Executive Director at CBRE, who structured the deal on behalf of his CBRE, commented: “Since CBRE’s acquisition of Henrietta House in 2011, the business has outgrown the building and 91 Wimpole Street was a golden opportunity to take on additional space in an intercommunicating adjoining building.”
CBRE and Edward Charles & Partners acted for Lazari Investments in the deal. The Office Group were represented by Cushman & Wakefield.
