Ekistics buys £118 Million St James’s Offices from Welput
Funds advised by Ekistics Property Advisors, a real estate private equity advisor, have bought 19-20 St James’s Street, in central London, from Welput, the Central London office fund managed by BentallGreenOak, for £118 million.
The mixed-use property, which was fully redeveloped in 2018, comprises 53,000 square feet of multi-let Grade A office accommodation and 2,944-square-feet shop.
The building was redeveloped in 2018 and has a private terrace at sixth floor level. It is let to seven office tenants and one retail tenant giving a weighted average unexpired lease of 8.4 years to expiries and 4.7 years to breaks. It produces a gross topped up rent of £5,922,125 a year(reflecting £105.30 per square feet overall).
John Pedersen, managing partner for Ekistics Property Advisors said: “20 St James’s Street, with its best in class ESG credentials combined with its situation in one of London’s leading office submarkets represents the cornerstone of our longer term strategic focus on market leading, office assets specifically focussed on the demands of modern occupiers.”
Arjun Shant, investment associate and deal lead for Ekistics Property Advisors added: “St James’s as a submarket continues to perform well with the asset already demonstrating reversionary potential as occupiers seeking the best buildings for their employees to work and collaborate in continue to pressure rents for quality Grade A office space.”
Ekistics was advised by Macfarlanes and PwC.