Office Space in Town has completed a £21m deal to buy a 125-year long leasehold interest in 20 St Dunstan’s Hill , EC3.
The Forum Partners-backed serviced office provider plans to refurbish the 10-storey building, which currently provides 58,097 sq ft of office and ancillary space.
Plans for the refurb include extending the reception area and expanding floor plates.
It is the first deal completed under Office Space in Town’s and Forum Partners’ new joint venture, which was launched last month.
Forum has backed the group with £30m and is in talks to raise a further £100m of equity for the venture.
The City Corporation instructed JLL to sell 20 St Dunstan’s Hill earlier this year with a guide price of £18m.
Giles Fuchs, co-founder and chief executive of Office Space in Town, said: “We are still actively looking to acquire further buildings primarily in London’s zone one, which will complement our existing portfolio, and we remain very optimistic about the prospects of the serviced office market in the UK and, in particular, in London given its strong growth and outstanding performance in recent years.”
Andrew Walker, managing partner and co-founder of Forum Partners, added: “It’s an excellent investment opportunity and we look forward to working with our partners to transform the building into one of the most contemporary and sophisticated serviced offices in London and realise its full investment potential.”
