WELPUT, the specialist Central London real estate fund advised by Grafton Advisors and managed by Schroder Real Estate, announces the letting of the remaining 33,767 sq ft at 101 New Cavendish Street, London W1 to two tenants, with the building now fully let.
Knotel, the New York agile office provider, has taken the 23,078 sq ft fourth floor at the building, on a new 10-year lease at a rent of £65.00 per sq ft. In addition, the British Olympic Association (BOA) and the British Paralympic Association (BPA) have taken 10,689 sq ft on a 10-year lease.
Tom Dugarin of Knotel London commented: “Just as we did in New York, we are bringing a real alternative to the London market. We’re building partnerships with landlords, alongside our infrastructure behind the scenes, to develop a significant portfolio in London in the next few months. We are very excited to be working with WELPUT as we grow in London.”
Bill Sweeney, CEO of the British Olympic Association, said: “We are not a Government funded body and therefore to be active in the commercial market it makes sense to retain our current location in Fitzrovia, and 101 New Cavendish Street is perfect for that purpose. With the Tokyo 2020 Olympic Games planning at a critical stage, we also wanted to ensure we could retain our valued and highly skilled staff and minimise disruption to Games planning. We are also delighted that our friends and colleagues at the BPA and GB Snowsport have agreed to join us at the new site, as we continue to strengthen what are already important and positive partnerships.”
Jane Gravestock of Grafton Advisors said: “We are delighted to welcome Knotel and the British Olympic Association (BOA) to the WELPUT portfolio. We believe the acquisition will be very successful for them given the limited office availability in the West End. The location is ideal for restaurants, cafes and other amenities offered in Fitzrovia in addition to easy accessibility to numerous transport links including the Elizabeth Line. Knotel and BOA arecomplementary additions to WELPUT’s tenant line-up and we look forward to continuing our strong working relationship with them”.
Jourdan Rajwan of Schroder Real Estate said: “These lettings, which achieved 10 year terms, are in line with WELPUT’s strategy of reducing short term risk in the portfolio and the letting to Knotel spreads WELPUT’s exposure to another sub sector of the serviced office solution, in order to meet occupier requirements.”
WELPUT was advised by BNP Paribas Real Estate and Cushman & Wakefield, Knotel was advised by CBRE and the BOA was represented by Colliers.