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: David Carlsson – Evans
Tel: +44 (0) 207 448 1160