Leading law firm, Katten Muchin Rosenman UK LLP (Katten) has advised RE Capital on the acquisition and subsequent lettings of 1 Old Queen Street, St James’s Park SW1.
RE Capital, a pan-European investment, development, and asset management company, completed the acquisition of the 20,000 sq ft office building, located opposite Westminster Abbey, during the first lockdown. The company has since announced a rental deal for the top two floors of the prime office space with a private equity manager. The rent, which equates to £95 per sq ft, is a new record for the Westminster sub-market.
The Katten team lead by real estate partner, Gavin Vollans, advised on all aspects of the acquisition and acquisition finance with capex facility. Gavin was assisted by senior associate Martyn Strong. The team continues to handle the lettings of the newly refurbished office building.
Advising RE Capital for a number of years, the team previously advised on the securing of a £60m funding package from BentallGreenOak for the acquisition and refurbishment of Premier House in Victoria, amongst other deals.
Commenting on the successful deal, Katten partner Gavin Vollans said:
“We always enjoy working with the team at RE Capital and were particularly pleased to not only successfully advise on the acquisition of such a prestigious office building at the onset of the pandemic, but then to advise on the lettings side of things. To achieve a record-breaking rent deal for office space at this moment in time is no easy feat – a real testament to RE Capital’s efforts in refurbishing the premises to such a high standard. We look forward to continuing to work with them moving forward.”
Simon Banks, Head of UK at RE Capital, added:
“We would like to thank the fantastic team at Katten for all their hard work during the pandemic. It is with a team like them, that our unwavering belief in the Central London office market, is paying off – even during the extreme economic uncertainty of the lockdowns and pandemic. Our conviction in the future of the office is as strong now as it was before, and we look forward to continuing to grow our portfolio with Katten’s help.”
