Lone Star Funds (“Lone Star”) today announced that an affiliate of Lone Star Real Estate Fund VII, L.P. has reached an agreement to acquire 90 Whitfield Street in London, UK from Derwent London.
The property, located in central London’s West End sub-market of Fitzrovia, is comprised of 107,000 total square-feet with 99,000 square-feet dedicated to fully developed office space and a retail space on the ground floor of 8,000 square-feet. The building offers highly desirable styling including floor-to-ceiling glazing and generous heights, flexible floor plates, a recently refurbished reception space and large central atrium, and the property’s top floor includes its own privately accessed 900 square-foot rooftop terrace.
The asset is also located on an attractive corner position that affronts Tottenham Court Road, one of London’s principal thoroughfares, and is within walking distance of six separate tube stations providing access from across the greater metropolitan area.
“We have strong conviction in the central London office market and continue to believe with the right asset management strategy a well-positioned London West End property such as 90 Whitfield provides meaningful embedded upside,” said Jérôme Foulon, Global Head of Commercial Real Estate at Lone Star.
“This is a high-quality asset with strong underlying fundamentals given its Fitzrovia location and amenities. We believe that there are significant opportunities to further enhance the rental tone and institutional desirability by deploying further capital into refurbishment and sustainability upgrades,” said Jeremie Goldsztain, Senior Managing Director and Head of Europe Real Estate at Lone Star.
