Orchard Street Investment Management (‘Orchard Street’), the specialist commercial property investment manager, announces that it has agreed five new lease agreements at 8/10 Old Jewry in the City of London, the office development it acquired in 2012 on behalf of St James’s Place.
8/10 Old Jewry is a prime office investment in the core EC2 area of the City, close to the Bank of England, comprising the popular Browns restaurant at ground and mezzanine levels. Six of the building’s seven floors in addition to the reception and common areas were extensively refurbished following the vacation of former tenant, the IBRC, in June 2014, resulting in 41,407 sq ft of modern Grade A office space being offered to the market.
The upgraded building drew interest from a range of professional businesses across a variety of industries, with tenants having signed a mixture of straight 10 year lease agreements and 10 year leases with 5 year break clauses at rents up to £56.50 per sq ft. The new occupants include Morgan Sindall, Korea Exchange Bank, Boyden Associates, the international executive search firm, and the law firm, MJ Hudson. Xconnect, the trading solutions firm and previously a subtenant of the building, signed a new lease of the the 1stfloor prior to the refurbishment.
Orchard Street was advised on these lettings by JLL and Gryphon Property Partners.
Richard Walters, Associate Partner at Orchard Street, commented:“We are extremely pleased to have secured these high quality tenants at Old Jewry. The demand we have experienced for this prime office development post-refurbishment is testament to the quality of the building and the collective effort of the entire team. It also illustrates the appeal of the City to an increasingly broad tenant base. We hope to announce further successful lettings in the near future, with the fifth floor currently under offer and the third floor generating wide interest.”
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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 with £4.2 billion of AUM (as at 30 June 2022). It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial warehouses, retail warehouses, and offices.