MORNING NEWS: Ares targets new London office

Good morning. Here’s your daily round-up of the latest news and views from EG and a collection of real estate-relevant headlines from the national papers. 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. BNP Paribas Real Estate has given Vanessa Hale a seat on its UK executive committee as head of research and strategy. Hale said of her new role: “It’s a truly transformative era for real estate markets and the sector is entering what we believe is a new phase of growth. Debt costs are now trending downwards and prime yields have stabilised at higher levels. The UK is well positioned to be the darling of European real estate next year and we forecast around £53bn will be invested in commercial real estate in 2025, while confidence improves in the residential market.” The London Legacy Development Corporation’s planning powers have been formally transferred back to the four London boroughs with boundaries within the Queen Elizabeth Olympic Park: Hackney, Newham, Tower Hamlets and Waltham Forest. LLDC will keep its status as a development corporation – one of only two in London and six in the UK – and will continue to be a functional body of the GLA. But its role and staffing have been significantly reduced to reflect its focus on inclusive economy projects, development and park operations and venue management. Key developments going forward will include Pudding Mill Lane, which has consent for 950 homes and more than 550,000 sq ft of commercial space. There’s also news on a new hire at Office Ready Tech; TOG’s finance boss stepping down; and an argument for spending more than a penny on our public toilets. Plus our EG news agenda will let you know what to watch out for this week. All of the news from EG, plus a selection of headlines from the nationals: Ares eyes Crown Estate office preletVanessa Hale steps up at BNP Paribas Real EstateThe Office Group’s finance boss steps downOffice Ready Tech hires former GPE managerVoice of the Region: Surrey – diversity and resolutionWatkin Jones signs Merseyside development dealAbrdn Property Income completes portfolio saleVoice of the Region: Surrey – diversity and resolutionCOMMENT: Why it’s time to unlock our loosLLDC hands planning powers back to Olympic Park boroughsPrologis signs furniture firm at Northamptonshire logistics parkEG’s news agenda: What to look out for this weekUK business confidence lowest since Covid pandemic, IoD says (£)Government sets new deadline to fix unsafe cladding on residential buildings (£)Zuber Issa lines up deal for £600m petrol station rival after split from Asda (£)UK business tax raid crashing private sector, CBI survey finds (£)