Orion Capital Managers has bought the former Daily Mail headquarters in the City of London and named Quadrant Estates as its development partner.
Orion Capital Managers has bought the former Daily Mail headquarters in the City of London and named Quadrant Estates as its development partner.
The 120,000 sq ft (11,200 m2) Grade II-listed Carmelite building at 50 Victoria Embankment, EC4, was sold as a vacant building by clients of Aberdeen Asset Management. Financial details were not disclosed.
The Thameside site, which was previously Taylor Wessing’s HQ and originally built in 1992, has planning consent for a redevelopment providing 130,000 sq ft of net office space. Quadrant and Orion intend to comprehensively refurbish the existing building starting in January next year with completion targeted for mid-2014 and a projected gross development value of £120 mln (EUR 153 mln). The building will target a BREEAM ‘Excellent’ rating.
Designed by architects Fletcher Priest, the building will target occupiers from the West End, Mid-Town and the City looking for Grade A space.
Aref Lahham, managing director and founding partner of Orion Capital Managers, commented: 'We are confident the space will attract tenants at a time when a number of long leases expire in buildings that will no longer be fit for purpose.'
Knight Frank acted for Aberdeen Asset Management and CBRE acted for Orion Capital Managers and Quadrant Estates.
