Ares eyes Crown Estate office prelet

Private credit giant Ares Management is in negotiations to prelet space at a Crown Estate office block in Mayfair. The company appointed CBRE to lead a search for a requirement of 70,000-80,000 sq ft in the West End. It is now understood to be in negotiations with the Crown Estate to prelet office space in the seven-storey, 120,000 sq ft building at One Hanover Street, W1, ahead of its completed refurbishment in 2026. The firm had previously taken 23,704 sq ft on a short-term basis in the building prior to the refurbishment, according to Radius. The move would see Ares leave its current premises at 10 New Burlington Street, W1, also owned by the Crown Estate, where the company pays £100 per sq ft for circa 30,000 sq ft, according to EG Radius. Rents in Mayfair have risen by 7% over the past year to hit an average of £108.79 per sq ft, according to Radius. All parties declined to comment. See which agents are doing the most office deals in the West End >>