Barings has leased 24,056 sq ft at Capital House in the City of London to Redburn taking the Grade A office scheme to fully let.
Redburn has taken the sixth and seventh floors – 12,468 sq ft and 11,588 sq ft respectively – of the 120,000 sq ft building, which is located at 85 King William Street.
Barings acquired Capital House in 2021 and has invested more than £11m in a refurbishment programme to enhance the building’s ESG credentials, taking it from an EPC D to a B – Barings is also awaiting verification of BREEAM Excellent certification.
Ian Mayhew, managing director, UK real estate asset management, at Barings, said: “Our business plan for Capital House has progressed at pace and the quality of the asset is amply evidenced in Redburn’s decision to take two floors alongside its parent company. We acquired this asset at 55% occupancy.
“Not only have we re-let the vacant space, we have also pre-let two further floors that were already subject to short term tenancies, eliminating any potential void periods, with a further £3m to be spent refurbishing those floors later this year on gaining vacant possession. In the medium term, there remain just two floors that will require repositioning on lease expiries.
“The speed at which we have let Capital House, the refurbishment of which has only recently completed, is a vindication of our belief in the attractiveness of best-in-class workspaces with prime ESG credentials in excellent locations; a strategy we continue to follow with our other central London office developments and refurbishments, including 25 Moorgate and TIDE Bankside where our leasing campaigns have recently been launched in the market.”
BH2 and Savills acted on behalf of Barings.
