London Executive Offices has acquired The Sugar Building at 5 Cheapside next to St Paul?s Cathedral from Amsprop, Lord Sugar?s privately owned real estate vehicle.
The octagonal office building, 40,126 sq. ft. in total over seven floors, has been acquired on a 15-year lease at an undisclosed rent. London Executive Offices, the capital?s most exclusive collection of five-star serviced and virtual offices in prime central London, is owned by Queensgate investments, and headed by property entrepreneur Jason Kow.
5 Cheapside is a prime city asset and will boost the LEO portfolio to circa 700,000sq ft. of prime office space in first-class locations, including 24 Berkeley Square, One Cornhill, 33 St James?s Square and 78-79 Pall Mall, 31 assets in total.
With 360 degree views over the city, 5 Cheapside stands on a prominent island site. London Executive Offices plans to rename the building and create grade A five star serviced office accommodation, with a contemporary fit out to the very highest specification, and floor to ceiling glazing overlooking the dome of St. Paul?s Cathedral and the capital?s skyline. The offices will be available from November. The acquisition comes at a time when there is a serious shortage of office space and high quality serviced office solutions.
Tim Giles, Chief Executive, London Executive Offices, said: ?We offer the very best luxury five-star serviced offices in prime central London and we?re delighted to have secured such an iconic asset ? it?s an excellent addition to our portfolio and really complements out other centres by offering our customers a choice of style and location within the City core. The views over St. Paul?s have to be seen to be believed.?