Clearbell Property Partners III LP has completed the redevelopment and subsequent refinancing of the Grade II listed The Kodak office building at 65 Kingsway in London.
The building, which offers 70,000 sq ft of Grade A office space over eight storeys, was originally built in 1911 for photography giant Kodak and served as the company’s original European HQ.
The redevelopment of the fully-electric building by the fund, which is managed by Clearbell Capital LLP, is on track to earn BREEAM Excellent, Well Gold, EPC B and WiredScore Platinum.
Clearbell was advised by Brotherton Real Estate to secure refinancing of The Kodak from the TIPS One fund managed by Tristan Capital Partners.
Rob Mills, deputy managing partner at Clearbell Capital LLP, said: “We have already received significant interest from potential tenants, who want to experience all the benefits that The Kodak has to offer – not least because of its strong sustainability offering and prime Covent Garden location.
“Now more than ever, tenants want to work in spaces that meet the modern work/life lifestyle and that are energy efficient. The Kodak is a prime of example of how to transform a Grade II listed building into a modern, industrial style office whilst respecting the rich heritage of the site.”
Dan Pottorff, head of debt investment at Tristan Capital Partners, added: “The financing of the Kodak property builds on our long-standing relationship with Clearbell. The unique characteristics of this asset including strong ESG credentials, an exceptional quality refurbishment and Covent Garden location illustrates the types of office assets that we believe will remain attractive to tenants and investors as the office market evolves.
“Consistent with all loans closed by Tristan over the last 18 months, the Kodak loan follows green underwriting principals including economic incentives to finalise ESG certifications.”
Max Wild, associate at Brotherton Real Estate, said: “Despite the headwinds facing the office market, there is still plenty of lender appetite willing to finance Grade A sustainable office space in central London. We are grateful to Tristan for not only providing a competitive financing package but also being able to execute quickly and reliably to enable Clearbell to stabilise their asset.”
