Bilfinger GVA’s former headquarters at 10 Stratton Street, W1, is to remain in use as office space instead of a mooted residential conversion.
CBRE was instructed to sell the building as an office-to-residential opportunity in January 2014 with a circa £60m price tag. However, the Far Eastern owners have changed tack and are appointing agents to market the building as office space after a refurbishment project.
Hanover Green and JLL have now topped an eight-strong list of bidders to win the mandate.
The decision comes in the face of increasing hostility towards office-to-resi conversion in Mayfair from Westminster city council and a dearth of grade-A office space.
In September, Westminster council will implement new rules to protect declining office stock in its central activities zone.
Office rents in the area have risen dramatically over recent months, hitting £186 per sq ft earlier this month.
Hong Kong private equity firm Joint Treasure bought the 41,659 sq ft block in 2011 for £60m.
Bilfinger GVA has vacated its Stratton Street base, retaining a new 7,000 sq ft West End office at 25 Berkeley Square, W1, and consolidating a number of functions into a 50,000 sq ft office at 65 Gresham Street, EC2.
