Orchard Street Investment Management (‘Orchard Street’), the specialist commercial property investment manager, has agreed a new 10 year lease with existing tenant, global media owner Clear Channel, at 33 Golden Square, Soho, W1. Clear Channel has occupied the building since 1989 and uses it as its International HQ outside of the US.
Orchard Street acquired the property last year on behalf of St James’s Place Wealth Management. Following agreement of this new lease, Orchard Street will provide funds towards a comprehensive upgrade of the 17,086 sq ft six-storey office building to modern Grade A standards, catering for all Clear Channel’s future occupational needs.
The new lease will run from the completion of the refurbishment works, to be carried out by the tenant, at an average rent of £85 psf following an initial rent free period of 12 months.
Hanover Green advised Orchard Street throughout the purchase and new lease negotiations whilst Clear Channel were advised by Cushman & Wakefield who will also act as Project Manager on the refurbishment.
Richard Walters, Partner at Orchard Street commenting:
“33 Golden Square was purchased last year with a number of potential value add initiatives, and Clear Channel’s lease close to expiry. Given Clear Channels’ desire to remain headquartered in the location, we are very pleased to be able to agree a mutually beneficial solution which satisfies the tenants’ long term occupational requirements and secures a high quality investment product for our investors.”
Nick Andrews, Legal & Property Director of Clear Channel added:
“We are delighted to renew our businesses commitment to this premier location having comprehensively reviewed market alternatives. We look forward to a long relationship with Orchard Street who has shown a real commitment throughout the negotiations to deliver a mutually beneficial agreement. We are all very excited about delivering a high quality, dynamic space that inspires our business throughout the next decade”
For more information:
Notes to Editors:
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.