TIAA Henderson Real Estate is to cash in on demand for King’s Cross offices and sell the HQ of advertising group Wolff Olins.
The investment management firm has appointed Michael Elliott to sell 67,151 sq ft office complex Regent’s Wharf, N1. It will seek offers in excess of £40m.
The instruction comes four years after TH Real Estate bought the scheme for its Central London Office Fund II for £24.8m.
Wolff Olins occupies more than 50,000 sq ft at the building, where the current average rent of circa £26 per sq ft is expected to rise on upcoming lease breaks.
Competition for the asset is likely to be strong, based on the success of lettings at the nearby 67-acre King’s Cross site being developed by the Argent-led King’s Cross Central Partnership. It has attracted occupiers including Google and Louis Vuitton.
This week Havas signed for the final office building in the current pipeline. The French media giant is paying around £65 per sq ft for the 165,000 sq ft Three Pancras Square.
Colliers International has forecast rents will hit £70 per sq ft by the end of the year.
JLL advised Havas; DTZ and Savills acted for KCCP.
joanna.bourke@estatesgazette.com
