Repositioning a major City office

Challenge
Hartnell Taylor Cook was appointed by a major overseas investor seeking City office investments with the potential to enhance return through active asset management, a market that is particularly challenging and very competitive.

Solution
The approach to identifying, acquiring and repositioning 24 Chiswell Street, EC1, was multi-disciplined. From the identification of the 72,000 sq ft multi-let office block through to its acquisition and advising on and project management of the transformation works.  We advised on the management of the building, provided facilities management and looked at potential asset management opportunities.  We negotiated with existing tenants to release over half of the block to enable refurbishments of a number of the floors and reception area.  Finally, our Office Agency team advised on the refurbishment and the letting of the refurbished site, securing a headline rent of £59 per sq ft with the majority of the space let.

Result
The repositioning of 24 Chiswell Street into a Grade A office block has not only seen its value increase significantly in a challenging market but now also attracts a wide range of tenants from traditional corporates through to media, TMT and tech industries. This is an excellent example of how a building’s value can be enhanced through efficient and cost effective asset management strategies adopting a collaborative and multi-disciplinary approach.

 

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