Devonshire House, Piccadilly, one of the properties in the Lehman Brothers’ Windermere XI securitisation, has seen its value increase by £20m since 2008.
The increase in value is down to an £11m injection of capital from the issuer for the refurbishment of the property. The office building is worth £285m as of a valuation at the end of March. Current tennants include private equity giant Bain Capital, which signed a 37,000 sq ft letting in 2009 in one of the West End office market’s largest-ever deals.
The building sits on the site of the 18th century old Devonshire House, one of London’s most opulent stately homes, which was demolished in the 1920s.
sophia.furber@estatesgazette.com
