Transactions

  • Portman Square House, London

    Asset Management - Lease Restructuring

    Acting in their Asset Management role Müller has successfully re-structured a new 10 year lease at the well-known office building overlooking Portman Square in London’s West End, substantially increasing from 21,990 sq. ft./ 2,043 sq. m. up to 47,425 sq. ft. / 4,406 sq. m. Invesco’s occupancy in the property. This involved the surrender of a number of other leases in Portman Square House and a re-gear of the existing Invesco space.

    As a result of this exercise carried out by the firm’s asset management department Portman Square House will have the two anchor tenants of Cushman & Wakefield and Invesco, as well as a number of retail occupiers in this prominent location just to the north of the Marks & Spencer flagship store on Oxford Street.

    Through the restructuring, the lease buy-back and the surrender negotiations Müller was able to meet Invesco’s space requirement for a single London location. In doing so we secured new 10-year leases at the property on over 50% of the property and at open market rents, for the investors Colony North Star Realty Europe.

    The asset management deal rationalises the number of leases and occupancies in the building and, importantly, improves the tenant profile in the property materially extending the unexpired lease terms for the investment. This improved income profile as well as its enhanced quality has resulted in, a key consideration, a significant increase in the capital value for the investors.

    Enquiries to: Ian Hodgson
    Tel: +44 (0) 207 448 1160

  • 12 Golden Square, London

    Asset Management - New Mandate

    The Müller Asset Management team has recently been awarded the management brief for 12/12A Golden Square in London’s Soho area of the West End by Swiss pension fund association AFIAA.

    The building was acquired in December 2017 from UBS and extends to some 27,000 sq. ft. /2,500 sq. m. over 7 floors above ground with one lower ground level.  Dating from the early 1990’s the property was fully refurbished in 2015 to attract anchor tenant Diageo with four other occupiers.

    Located at the south eastern corner of Golden Square the prime situation in the Soho district is well connected to the underground network at Piccadilly Circus, Oxford Circus and now the new Elizabeth Line (Crossrail) from December 2018.

    The building has a “Very Good” Breeam rating.  Golden Square is mentioned in Charles Dickens’ The Life and Adventures of Nicholas Nickleby.

    Enquiries to: Ashley Bunkall
    Tel: +44 (0) 207 448 1160

  • The Rylands Building, Manchester

    Acquisition

    The Müller investment team sourced and advised on the purchase by Munich based German family office AM alpha, of this Central Manchester landmark building.

    Situated in the CBD and prime retail location at the corner of Market Street and High Street overlooking Piccadilly Gardens the building is let to the noted retail group Debenhams Plc.  The Rylands Building extending over 10 floors for a total of 470,000 sq. ft./ 43,665 sq., dates from the 1930’s.  The property is Grade II listed and was designed by the renowned Manchester architect Harry S. Fairhurst after the Art Deco style.

    “It is encouraging that foreign investors, in this case German, can identify with this great northern town.  We have seen foreign interest maintained through all the recent Brexit brouhaha in London, so it is particularly impressive that Manchester is also able to come to the party” said Theo Utton-Gaunt director in Müller’s acquisition team.

    The Manchester conurbation has an estimated population of some 2.8m people, being the second most densely populated area of Great Britain.  The primary catchment area is about 1.65m people of which some 785,000 are considered the “shopping population” of the town.

    Enquiries to: Theo Utton-Gaunt
    Tel: +44 (0) 207 448 1160

  • Schomberg House, 80-82 Pall Mall, London

    Asset Management - New Mandate

    The Müller Asset Management team has recently been awarded the management brief for Schomberg House at 80-82 Pall Mall in London’s St. James district by Swiss pension fund association AFIAA.

    The building was acquired in autumn 2017 from PGIM Real Estate and extends to some 37,000 sq. ft. / 3,500 sq. m. over 5 floors above ground, and one lower ground floor.

    The building is let to fund managers Permira Advisers for another 15 years.

    Located on the south side of Pall Mall at the western end, the building has a distinctive red brick façade with modern extensions on the rear (south) side.  The property dates from 1688 when it was purchased by the Duke of Schomberg, William of Orange’s second in command, as a single residence.  Other occupants have included the painter Thomas Gainsborough.

    Enquiries to: Ashley Bunkall
    Tel: +44 (0) 207 448 1160

  • Condor House, London

    Asset Management – New Mandate

    Our Asset Management team has recently been instructed by Colony NorthStar to manage Condor House.

    The building was acquired from SEB Investment GmbH in 2015 and form part of the €1.1 billion PRIME portfolio comprising 11 buildings throughout Europe; this was one of three separate major portfolio acquisitions completed by Colony NorthStar during 2014 and 2015.

    Condor House is located immediately opposite St Paul’s Cathedral with circa 120,000 square feet of office accommodation offering unrivalled views of the cathedral entrance and west elevation. The building is the UK headquarters for both Morgan Lewis & Bockius and Moelis and the London office of Shepherd and Wedderburn. Nine restaurants complete the ground floor accommodation including Café Rouge, Pizza Express, GBK and Yo! Sushi.

    The building offers scope for significant asset management and Müller have been instrumental in the restructuring of the occupational leases at the building as well as undertaking rent review and project management work.

    Current projects include remodelling and refurbishment of the main entrance and public spaces within the building.

    Enquiries to: Ian Hodgson
    Tel: +44 (0) 207 448 1160

  • Portman Square House, London

    Asset Management - New Mandate

    Our Asset Management team has recently been instructed by Colony NorthStar to manage Portman Square House.

    The building was acquired from SEB Investment GmbH in 2015 and form part of the €1.1 billion PRIME portfolio comprising 11 buildings throughout Europe; this was one of three separate major portfolio acquisitions completed by Colony NorthStar during 2014 and 2015.

    Located in a prominent position on the corner of one of London’s most famous squares, Portman Square House offers over 100,000 square feet of grade A office accommodation with retail accommodation on the ground floor. The building provides the head office location to both Cushman & Wakefield and Invesco UK and continues to house Nationwide in the location of the original Portman Building Society.

    The building offers scope for significant asset management and Müller have been instrumental in the restructuring of the occupational leases at the building as well as undertaking rent review and project management work.

    Recent projects have included the replacement of both boilers and chillers, stone clean and fabric restoration, the installation of tenant shower facilities and cycle storage. We are currently undertaking a major remodelling of the reception, atrium entrance spaces at a project cost of circa £1 million.

    Enquiries to: Ian Hodgson
    Tel: +44 (0) 207 448 1160

  • Central Manchester

    Asset Management – Two New Mandates

    Our Asset Management team has recently been appointed to asset and property manage two multi-let office buildings located in Manchester’s Central Business District – 19, Spring Gardens and 44, Peter Street.

    19 Spring Gardens comprises a total of 36,000 sq.ft. (3,344 sq.m.) of mainly office accommodation along with two retail units, occupied by several businesses including Lockton Insurance, Clarke Willmott and The Re-Think Group.

    44 Peter Street is a nine storey 25,000 sq.ft. office building let to tenants including Kennedy Solicitors, Griffith & Armour, Buck Consultants and Hurd Rolland architects.

    Both properties present significant asset management potential through active lease management, and are added to a substantial portfolio of UK office properties managed by our team.

    Enquiries to: Andrew Sinclair
    Tel: +44 (0) 207 448 1160

    These asset management mandates demonstrate:

    • The type of asset management services we provide for international investors invested in UK commercial property.
    • How, as investor's representative in the UK, we are able to protect our client's investments and add value through active asset management.
  • 3 Hardman Square, Manchester

    Asset Management

    3 Hardman Square is a prominent, high quality Foster & Partners office building at the acclaimed Spinningfields development, comprised of 180,000 sq.ft. (16,722 sq.m.) Of Grade A office space.

    The property was left vacant due to the tenants, UK Law firm, Halliwells going into administration. The Müller Asset Management Team coordinated the complete refurbishment and reletting of the office space to a variety of good quality tenants so recreating the investment value. Müller representatives also served on the Liquidation Committee established by BDO to reclaim as much money as possible to mitigate their client’s loss.

    The involvement of Müller International’s Asset Management team was critical to the transformation of the building into a leading, vibrant multi-tenanted office.

    Enquiries to: Geoffrey Marriott
    Tel: +44 (0) 207 448 1160

    • How we work for international investors invested in UK commercial property.
    • Our unique Müller Edge approach to asset management, allying our experience and expertise with use of specialists for specific assignments, to best address our client's needs.
    • As the investor's representative in the UK we are able to protect our client's investments and actively manage their risks.
  • Garrard House, London

    Development & Investment Consultancy

    Advised on the process of sourcing an appropriate partner for AFIAA in a development management capacity, originally via equity partnership / injection. The partner needed to offer a proven track record in London, ability to refurbish and extend the existing building when Schroders vacate, whilst catering for a flexible occupational offer once remodelled.

    Stanhope PLC were selected as the preferred development manager and are currently undertaking a design process to enable increased massing and efficiencies within the building. This will enable a rebranding of the building and successful re-letting campaign. Müller International continue to asset and property manage the building.

    Enquiries to: Theo Utton- Gaunt
    Tel: +44 (0) 207 448 1160

  • Holborn Tower, London

    Asset Management - New Mandate

    Our Asset Management department recently won a competitive tendering exercise and been appointed to asset and property manage Holborn Tower in Central London on behalf of an overseas investor.

    This is a substantial mixed use building arranged over 11 floors, with retail accommodation on the ground floor and office space on the upper floors. The building presents significant short and medium term asset management opportunities to add value and make savings through potential refurbishment, rates mitigation measures, lease restructuring and maximising the use of vacant space.

    Müller negotiated with the occupiers to obtain vacant possession of the office space which is currently undergoing complete refurbishment.

    Holborn Tower is located in the rapidly improving and diversifying Midtown area, which is finding favour with a range of occupiers and property investors. The area’s emergence is underpinned by a buoyant London economy and the anticipated benefits flowing from the new east-west London Crossrail link due to operate from 2018.

    Enquiries to: Ashley Bunkall
    Tel: +44 (0) 207 448 1160

  • 55 Mark Lane, London

    Asset Management - Major Refurbishment

    55 Mark Lane, EC3 is a 160,000 sq.ft. (14,864 sq.m.) multi-tenanted office building in the heart of the City of London’s ‘Insurance district’, which has been transformed by a refurbishment programme.

    Following expiry of leases on the ground and two upper floors, the opportunity was taken to upgrade these office areas and to redesign the entrance and lobby.

    Our Asset Management department led a project team overseeing the works over a six month period, within budget and on time and minimising disruption to business in this busy multi-tenanted building used mainly by insurance underwriters. The redesign of the entrance and reception areas has enhanced the image of the building to current tenant expectations and image profile. The works extended to a refreshing of the full height atrium, and refurbishment of lift lobbies, office floors and toilet areas to the highest standards required to attract tenants.

    Enquiries to: Geoffrey Marriott
    Tel: +44 (0) 207 448 1160

  • 151 Buckingham Palace Road, London

    Disposal

    Having acquired the building for a major Malaysian fund Müller International negotiated the disposal terms of this 193, 693 sq. ft. office and retail property developed over Victoria Station in the Victoria district of the West End.

    Purchased two years previously for £207 million the firm negotiated a disposal price of £255 million with the acquisition team, a 23% increase over the 2 year period.

    The successful disposal at a starkly increased value demonstrates the firm’s ability to monitor market conditions in the improving and transforming Victoria District. It further shows Müller’s ability to advise clients of opportunistic profits, stemming also from fundamental strategic advice to the client right from the purchase phase, in order to set up a ‘future of optionalities’.

    Enquiries to: Peter Shapeero
    Tel: +44 (0) 207 448 1160

  • 10 Aldersgate Street, London

    Asset Management – Major Refurbishment

    10 Aldersgate is a 40,000 sq.ft. (3,716 sq.m.) office building, located between the Museum of London and St Paul’s Cathedral, where a German property fund Hansainvest hold a long leasehold interest.

    Following the expiry of the single lease, Müller International negotiated the letting of two floors to existing sub-tenants. Our asset management team assembled and led a project to oversee the refurbishment of the building to grade A specification, together with the replacement of major items of mechanical and electrical plant, within budget and on schedule.

    Enquiries to: Geoffrey Marriott or Ashley Bunkall
    Tel: +44 (0) 207 448 1160

  • 151 Buckingham Palace Road, London

    Acquisition

    Müller International sourced, advised and negotiated the purchase of 151 Buckingham Palace Road, London SW1 on behalf of a major Malaysian fund.

    Investment volume was over £200 million.

    Constructed above Victoria Station, one of the busiest transport hubs in London, the property comprises 193,693 sq.ft. (17,995 sq.m.) of predominantly Grade A office accommodation let to various British Government departments. In addition there is 6,387 sq.ft. (593 sq.m.) of retail space.

    The building, originally developed in 1991, was designed by Peter Foggo for Arup Associates as part of a scheme encompassing both 151 Buckingham Palace Road and the adjoining building 123 Buckingham Palace Road.
    The building is expected to offer a number of asset management opportunities to enhance its investment performance.

    Enquiries to: Peter Shapeero
    Tel: +44 (0) 207 448 1160

  • Garrard House, London

    Asset Management – Tenant retention

    Our Asset Management department successfully negotiated the restructuring of the occupational lease with renowned fund manager Schroders Investment Management of its 160,000 sq.ft. (14,864sq.m.) headquarters at Garrard House, Gresham Street in The City of London. The lease had been due to expire in 2015.

    Müller International were able to present terms to Schroders convincing them to remain in their existing highly-visible headquarters building, owned by Swiss pension fund AFIAA, rather than a planned relocation to a newly-developed building.

    The successful retention of a prestigious tenant, and the achievement of improved terms for the client, illustrate our asset managers’ ability to lessen investors’ exposure to risk and improve asset values for our clients.

    Enquiries to: Geoffrey Marriott or Ashley Bunkall
    Tel: +44 (0) 207 448 1160

  • 21 Tudor Street, London

    Acquisition – Prime City of London office

    Müller International sourced, advised and negotiated the purchase of 21 Tudor Street, London EC4 on behalf of Swiss pension fund AFIAA. The purchase price was £73 million / 5.3% NIY.

    Completed in 2003 and located in a prime location in the City of London the property comprises Grade A office accommodation let to a single tenant, the leading international law firm Jones Day.

    The firm has worked with the tenant and monitored the buildings completed refurbishment in 2016.

    Müller International’s Asset Management department were appointed to provide on-going full asset and property management of the building.

    Enquiries to: Peter Shapeero
    Tel: +44 (0) 207 448 1160

  • 1 Park Lane, Leeds

    Asset Management – Letting

    The major tenant in the building is Call Credit and the Müller Asset Management Team co-ordinated the surrender and letting of space they did not occupy so that eventually they occupied the whole building. Their leases were then renewed and extended allowing the clients to sell the investment at a significantly enhanced price.

    Enquiries to: Geoffrey Marriott
    Tel: +44 (0) 207 448 1160

  • 30 Finsbury Square, London

    Acquisition

    Acting on behalf of the Munich Fund Münchener Rückversicherungs-Gesellschaft, Müller International sourced, introduced and advised on the purchase of this outstanding City of London headquarters building.

    30 Finsbury Square, considered to be “one of the best 6 buildings in Central London”, provides 136,400 sq.ft. (12,672 sq.m) of prime grade A office accommodation over ground and 7 upper levels.  The freehold building was designed by Eric Parry Architects and completed in 2002.

    Enquiries to: Peter Shapeero
    Tel: +44 (0) 207 448 1160