WELPUT has secured nearly 20,000 sq ft of lettings at its recently revamped Mayfair office block.
New York-based hedge fund ExodusPoint Capital Management, which started up last year having raised the most money ever for a hedge fund launch at around $8bn, has agreed to lease the fourth and fifth floors totalling 13,136 sq ft at 20 St James’s Street, SW1.
EIG Global Energy Partners, which provides institutional capital to the global energy industry, has taken 5,259 sq ft on the seventh floor on a new 10-year lease.
Quoting rents range from £105 to £135 per sq ft for the upper floors of the 10-floor building, which features terraces on floors two and six.
The lower ground and ground floor suite (pictured) totalling 6,912 sq ft was also released to the market this week offering a more affordable option in the St James’s area.
WELPUT acquired the long lease on 20 St James’s in 2015 from Pramerica for £62m and set about refurbishing the site behind the retained façade. The Crown Estate owns the freehold.
The lettings follow the change last month in fund manager for teh specialist central London real estate fund from Schroders to GreenOak Real Estate.
Established in 2001, WELPUT has a portfolio of 10 properties in London, including 101 New Cavendish Street, W1, and the Farringdon Road Estate, EC1.
Ker Gilchrist, managing director of Grafton Advisors, which is the long-standing property adviser to WELPUT and a wholly owned subsidiary of GreenOak, said: “We are delighted to welcome ExodusPoint and EIG to the WELPUT portfolio and with good interest in other floors, we are looking forward to adding names to the tenant line up shortly.
“As a fund, WELPUT continues to focus on ensuring that its schemes deliver the best space to meet occupier needs in specific London sub-markets. By spending time on the product definition in 20 St James’s Street, we have seen re-assuring levels of occupier interest despite the uncertain political backdrop.”
BNP Paribas Real Estate, Cushman & Wakefield and Edward Charles & Partners are the letting agents on 20 St James’s Street.
ExodusPoint Capital Management was advised by Bond Woodhouse; EIG Global Energy Partners was advised by Cushman & Wakefield.
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