Orchard Street Investment Management (‘Orchard Street’), the specialist commercial property investment manager, has secured its first two tenants at its newly launched 65,000 sqft City of London asset, 125 Wood Street, EC2, taking the building to being circa 68% let with 43,873 sqft now leased.
Penningtons Manches LLP, a top 100 law firm, has taken 39,000 sqft across five floors, from the ground up to fourth floor, to house its company headquarters on a ten year lease with no break. Tradewinds AS, the leading shipping industry news service, has taken the seventh floor, comprising 4,873 sqft, at £72.50 per sqft, also for ten years with no break. The sixth floor is under offer.
Acquired in 2010 on behalf of a pension fund client, Orchard Street commenced speculative redevelopment of 125 Wood Street in 2013, to benefit from the anticipated pick-up in occupational demand in the City. The striking Aukett Fitzroy Robinson-designed building, centrally located between St. Paul’s Cathedral and the Bank of England, delivers nine floors of flexible office space with a modern double-height reception area, and holds a BREEAM ‘Excellent’ rating for its sustainable features.
Orchard Street was advised on these lettings by JLL and Gryphon Property Partners, with Mill & Reeve acting as solicitor. Penningtons were represented by Savills, and Tradewinds by Ostroumoff.
Andrew Jenkins, Asset Manager at Orchard Street, commented:
“Having speculatively developed this asset, we’re extremely pleased by the demand we’ve seen for it, and to have so quickly leased two-thirds of the building to such high quality tenants. We are seeing strong occupational interest in the City at the moment from a variety of occupiers, with today’s announcement coming in quick succession of the 32,000 sqft which we agreed at our nearby asset on Old Jewry.
“Furthermore, Wood Street is a prime example of our team’s innovative asset management expertise, having significantly enhanced both the size and value of this investment through a comprehensive redevelopment at an opportune time in the cycle characterised by strong rental growth. We hope to announce further successful lettings at Wood Street in the near future, with 21,300 sqft still available.”
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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.