CIBSE acquires new Farringdon HQ

The Chartered Institution of Building Services Engineers, a professional body representing building services engineers, has acquired an office in Farringdon for its new headquarters. It purchased the 16,608 sq ft building at 91-94 Saffron Hill, EC1 from 1908 Property Holdings for £7.6m. The vendor acquired the building from AXA Real Estate Investment Managers Limited for just under £5m in 2010. 91-94 Saffron Hill comprises a lower ground, ground and three upper floors, the second and third of which CIBSE will take vacant possession of as owner-occupier. The remaining floors will be taken by existing occupiers Dentists’ Provident and GamCare. The dentistry body is on a 10-year lease for 5,508 sq ft across the lower ground and ground floors for £189,180 per year until mid-2031, according to EG data. Gambling charity GamCare originally leased the first floor on a two-year lease in August 2019 for £47 per sq ft, but has chosen to extend its lease. CIBSE sold its current headquarters at 222 Balham High Road, SW12, in June. It can remain following the sale at a peppercorn rent until March 2025. While the new Farringdon space will be smaller than CIBSE’s current space, which is around 14,000 sq ft, office space in primary business locations are in high demand. Some sites in secondary cities and fringe locations, on the other hand, face potential obsolescence.  Allsop represented the CIBSE on the deal, while Tuckerman Commercial represented 1908 Property Holdings. See which agents are doing the most deals in the City with On-Demand Rankings >>