BentallGreenOak launches sale of Covent Garden tower
JLL instructed on sale of Orion House, London, WC2
BentallGreenOak (BGO), adviser to the central London specialist fund, WELPUT, has appointed JLL to formally market the freehold interest in Orion House, 5 Upper St Martins Lane, London, WC2, following the recent 38,000 sq ft leasing of The Office Group’s latest Covent Garden flexible office operation. The 15 storey office tower is one of the West End’s most iconic buildings and benefits from extensive views across central London.
The building has undergone a significant refurbishment prior to the leasing to The Office Group and is now fully let to a range of tenants including Marathon Asset Management, Wadhwani Asset Management and Farallon Capital, creating a desirable eight year income stream. Orion House has a well-documented history of achieving premium rents for the Covent Garden submarket.
Ker Gilchrist, managing director of BentallGreenOak, said: “The Office Group are a great compliment to our tenant line up at Orion House and offer a superb amenity for other tenants in the building, providing them with the option of flexible expansion space. We are now looking to sell this stabilised asset and deploy the proceeds into WELPUT’s existing pipeline of schemes, as well as into one or two other new projects we have identified.”
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.