The Royal Institute of British Architects has bought the long leasehold of 76 Portland Place, W1, for a new home.
RIBA is understood to have paid around £13.5m to the Institute of Physics for the 36,000 sq ft space, which will be converted to grade-A offices. RIBA will retain its home at 66 Portland Place.
RIBA chief executive Harry Rich said: “Buying a long lease makes business sense because it insulates us from rising rents and the cost will be less than staying as we are. The move will open up exciting opportunities to make 66 Portland Place an ever more vibrant destination for our members and guests.”
As revealed by Estates Gazette in September, the Institute of Physics bought vacant 21,000 sq ft office block 8-10 Balfe Street , N1, for its own occupation. It will remain at number 76 until the redevelopment of its new home is complete.
Professor Paul Hardaker, chief executive at the Institute of Physics, said: “We’re looking forward to working in close partnership with RIBA to ensure a smooth transition over the next couple of years.”
Colliers International advised the Institute of Physics.
joanna.bourke@estatesgazette.com
