Beltane Asset Management and TPG Angelo Gordon have acquired the long leasehold interest in 2 Park Street in London’s Mayfair for an undisclosed price.
The building, which occupies a prominent corner position in the Mayfair Conservation Area, provides approximately 50,000 sq ft of office space arranged over lower ground, ground and six upper floors.
The property, which is currently multi-let to six tenants, has undergone significant refurbishment over the past five years and Beltane intends to further upgrade the asset to meet evolving occupier expectations and enhance long-term value. Architects Piercy & Co have been appointed to advise on the upgrade.
Duncan Roe, partner at Beltane, said: “The acquisition of 2 Park Street reflects our conviction in the resilience and appeal of London’s core office markets. This Mayfair asset combines strong fundamentals with clear opportunities for further improvement. In partnership with TPG Angelo Gordon, we will continue to invest in high quality, well-located buildings where we can deliver enhancements that respond to occupier needs and create long-term value.”
Jones Realty, Addleshaw Goddard and FTI Consulting acted for Beltane and TPG Angelo Gordon. Colliers acted for the vendor
