Beltane Asset Management and Angelo Gordon have completed a complex deal which will see them refurbish the headquarters of the London Chambers of Commerce and Industry as part of a sale and leaseback agreement.
LCCI has taken a 150-year lease from Beltane on the ground and lower ground floor of 33 Queen Street, EC4, unlocking the refurbishment of the entire 50,000 sq ft building.
Beltane secured the deal with freeholder Starprop and Legal & General, which had an interest in the building.
The refurbishment of the LCCI space and the remaining 37,000 sq ft has been designed by Ben Adams Architects.
LCCI chief executive Colin Stanbridge said: “This transaction with Beltane secures our long-term accommodation needs and delivers the latest office specifications for our members in a very cost-effective manner.”
Claire Brinson, associate at Beltane, said: “This transaction has involved a lot of intensive negotiation and creative thinking to deliver the best possible outcomes for all involved. Work is expected to begin on the building in the first quarter of next year with practical completion expected in 2017.”
CBRE represented LCCI; Allsop acted for Starprop; Gerald Eve is advising on planning.
