Evans Randall Investors has completed the off-market sale of Bureau, its landmark Grade A office building in the heart of London’s midtown, for £118m to the real-estate arm of German asset manager Deka Group, Deka Immobilien.
Hailed as one of the most luxurious, high-tech workplaces in the capital, located on Fetter Lane, Bureau is the London HQ of AB InBev, the world’s largest brewing company, which anchors the building on a combination of 10 and 15-year leases.
The sale of the building coincides with the letting of the first floor to Miniclip, which was the final office floor available. Miniclip, is the world’s largest privately owned online gaming website, which signed for the second floor of the building in June 2020. Bureau’s office accommodation is fully let at market leading rents, achieving £80 psf on best space and £72.50 overall.
Evans Randall Investors acquired the building in a joint venture with STARS REI in November 2015 for £47m and undertook an extensive transformation, significantly increasing the NIA of the building to 75,000 sq. ft and redefining it from a dated 1980s block into a highly contemporary prime office space.
James Edwards, Managing Director at Evans Randall Investors, said:
“This sale is a welcome endorsement for London and office working in high quality buildings, and Bureau is a great example of the investment, development and asset management expertise we bring to the table. Throughout a challenging political and economic environment, to be able to navigate these obstacles and deliver against the strategy, creating such a high-quality asset, has been very rewarding for ourselves and our partner STARS REI. ”
DEKA’s move and Miniclip’s letting represent a further vote of confidence for the London office market after a turbulent year and underline the continued attraction of London for international investors, and of Midtown for a diverse range of occupiers looking for high-specification, design-led office space located in amenity-rich, well-connected urban locations.
Evans Randall Investors was advised on the sale by Paul Hastings.