Orchard Street completes 13,000 sqft of office lettings at New Oxford Street, bringing prime London asset to full occupancy
Orchard Street Investment Management (‘Orchard Street’), the specialist commercial property investment manager, has secured two new tenants at 70 New Oxford Street with lettings to multinational digital advertiser Teads Ltd and TV production company Studio Lambert bringing the property up to full occupancy. Orchard Street acquired the prime asset in May 2015 on behalf of St James’s Place Wealth Management, with a 74% office vacancy.
Teads, the leading video advertising marketplace, has agreed to a 10-year lease on the third and fourth floors of 70 New Oxford Street, totalling 8,375 sq ft, at a rent of £72.00 per sq ft on the top floor. Studio Lambert, the independent TV production company behind hit shows such as Gogglebox and Undercover Boss, has taken the second floor of the building on an 10 year lease, comprising 4,679 sq ft, for £69.50 per sq ft.
Teads and Studio Lambert join Pret a Manger and Itsu who occupy the retail units on ground floor, and office tenant Active International on the first floor of the building. The 17,729 sq ft office element of 70 New Oxford Street benefited from a substantial refurbishment shortly before Orchard Street’s acquisition, which saw an extension of the existing floors, the installation of a new curtain wall double glazing system, complete renewal of the plant and the addition of a fourth floor which offers a roof terrace.
Jamie Munday, Asset Manager at Orchard Street, commented:
“We are extremely pleased to have secured these high quality tenants at 70 New Oxford Street and to have achieved full occupancy. This Grade A property is located in an area of the West End which has been the focus of intense development and regeneration activity, mainly with Tottenham Court Road’s forthcoming Crossrail station being a stone’s throw from the building, and these lettings are evidence of the location’s appeal to creative businesses.”
Orchard Street was advised on theses lettings by Colliers International.
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Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager, focused on the UK market. It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial, retail warehouses, offices and shopping centres. Orchard Street currently has assets under management exceeding £4 billion.