TH Real Estate has sold a stake in its flagship Midtown office project at 1 New Oxford Street, WC1, to BA Pension Fund.
The £45m deal will see the pension fund take a half share in the project, which will refurbish and extend the existing art deco building.
BA is an existing investor in TH Real Estate’s Central London Office Fund, which owns the building.
The scheme is next door to Brockton Capital’s £500m 21-31 New Oxford Street scheme, in which Oxford Properties has recently bought a 50% stake.
The two schemes occupy an entire island site and the sales mean both can now move forward simultaneously.
They are expected to capitalise on a dearth of available grade A space in Midtown, where Farebrother has predicted that availability could hit a record low of sub-3% this year.
The scheme, designed by architects Orms, will extend the existing building from 92,000 sq ft to 108,000 sq ft.
It was previously known as Commonwealth House.
CBRE advised TH Real Estate.
