The last remaining office floor of Lothbury Property Trust’s 55 St. James’s Street office building in St. James’s has been let to AlbaCore Capital LLP, an asset manager focusing on investments in the European public and private credit markets.
Following the acquisition of the building on behalf of the Lothbury Property Trust five years ago, Lothbury Investment Management has managed the comprehensive redevelopment of the building, which is prominently located within the prestigious St. James’s Conservation area, close to Piccadilly and the Ritz Hotel.
The Grade A specification office on the 2nd floor comprises 4,684 sq ft and has been let at £115 per sq ft, on a 10-year lease. AlbaCore join existing tenants, Vision Capital LLP, PW Real Assets LLP, Ferrexpo PLC and Aksia Europe Ltd.
Michael Toft, Senior Fund Manager and Executive Director of Lothbury Investment Management, said: “This new letting demonstrates the attractiveness of the building, its exceptional location and the good floor plate size in a market where demand for space in the West End of London is low at the £100+ per sq ft level.
“55 St. James’s Street has been a very successful speculative development for Lothbury Property Trust, with tenants taking space quickly and all the office lettings exceeding our initial appraisals.”
The development also includes five residential units, the Blue Posts public house and the Portland Gallery.
CBRE and Cushman and Wakefield acted for Lothbury.
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Lothbury Investment Management Limited is the manager of the Lothbury Property Trust (the “Fund”). Lothbury Property Trust is a sub-fund of the Lothbury Global Institutional Funds, which is regulated by the Central Bank of Ireland. The Fund is an alternative investment fund (“AIF”) for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive”). LIM has been appointed and acts as alternative investment fund manager (“AIFM”) in respect of the AIF. For these purposes, LIM is authorised and regulated in the United Kingdom by the Financial Conduct Authority (or any successor body responsible for the regulation of alternative investment fund managers) (the “FCA”) for the purposes of managing unauthorised AIFs. The Fund is also an unregulated collective investment scheme for the purposes of the United Kingdom Financial Services and Markets Act 2000 (the “Act”).
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