Henderson Park pays £60m for London office building

Private equity real estate firm Henderson Park and partner Dukelease have acquired a 95,000 sq ft (8,800 sq m) modern office building on the city of London fringe, paying Abrdn, formerly Aberdeen Standard Life, £60 million.

The seven-storey asset at 100 Leman Street has been acquired on behalf of Henderson Park Real Estate Fund I and Henderson Park said there is potential in the medium term to undertake asset management initiatives to add amenities, outdoor space and improve the building’s sustainability credentials.

Aldgate, which lies to the east of the City of London, has become an innovation and enterprise hotspot for tech and media companies looking for large floor plates. 100 Leman Street is currently 100% let and has a WALT of 3.75 years with all leases due to expire in June 2025.

The property’s two main tenants are Exponential-e, a technology company that provides cybersecurity prevention services, and Forward 3D, a digital marketing agency.

Henderson Park said the building has scope for a full refurbishment, extension of the western elevation, and construction of an eighth floor, which could add 50,000 sq ft of space.

“Aldgate has seen substantial recent investment and firmly established itself as both a hive of innovation and as a core City of London office district, particularly in the tech, media and life sciences sectors,” Henderson Park managing director Mrinal Jalan said. “Working patterns undoubtedly changed over the last year, but we have found that demand for high quality, well located office space has remained robust. Prolonged lockdowns have helped occupiers understand the central role offices play in fostering culture, teaching junior team members, as well as promoting creativity and efficiency.”

Abrdn was advised by Allsop.

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