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One Finsbury Circus

(Image of One Finsbury Circus))
(Image of One Finsbury Circus)

As the Britannic House headquarters of BP, the principal tenant, the acquisition of this investment, in conjunction with Hermes Real Estate, for some £165 million, was agreed in 2005.

To accomodate its move to Canary Wharf, BP's lease was restructured, allowing BP to crystallise its ongoing lease obligations, including dilapidations and vacant property costs, while also allowing the new owners to upgrade the physical asset, all the while underpinned by the continuing rent from BP, as well as from NatWest, which has remained in occupation throughout. A further restructuring of the BP lease realised a significant capital premium.

That strategy facilitated a £42 million reconfiguration and refurbishment of the building to provide some 190,000 sq ft net of first class air-conditioned offices and a 10,000 sq ft restaurant, all built to the highest environmental standards. A stunning new atrium, with all glass, wall climbing lifts, illustrates, strikingly the transformation of the building itself.

Completed at the end of 2008, 22,600 sq ft was almost immediately taken by US restructuring specialists, Alvarez & Marsal, with the balance subsequently let to leading international law firm, Stephenson Harwood. As James Fenwick, responsible for the marketing and management, commented at its launch: "It is the archetypal Marmite building, you either love it or hate it, if all you want is another boring rectangular glass box, you won't look at it, but if you are looking for something really special, the very best modern space behind a grand, historic facade, in the very core of the City, look no further". Neither Alvarez & Marsal nor Stephenson Harwood felt the need to look any further!

The succesfully completed investment was sold to Invesco, represented by Knight Frank.

www.1finsburycircus.com

 

Alan Francis, current architect, and Sir Edwin Lutyens, original architect.