The Institute of Materials, Minerals and Mining is pulling out of upmarket St James’s and setting up a new head office in up-and-coming Euston.
Engineering body IOM3 has exchanged contracts to buy 297 Euston Road, NW1, from Allgood.
A deal at £12.5m has been agreed for the 12,600 sq ft office building – 51% above the £8.3m asking price.
The institute will have vacant possession of the block next year and is expected to give it a revamp.
It will relocate from 1 Carlton House Terrace, SW1.
IOM3’s neighbours in the Euston area will include Facebook, which leases more than 85,000 sq ft at British Land’s 10 Brock Street, and betting company Paddy Power, which occupies 15,668 sq ft at 1 Euston Square, both NW1.
The area is set for a mass transformation centred around the planned arrival of HS2. Consortiums including the Euston Regeneration Partnership are preparing to pitch for the redevelopment surrounding the station, including 300,000 sq ft of properties at the front of it.
Deloitte Real Estate is acting for Allgood; Andrew Haig & Company is advising the buyer.
