Oxygen has acquired the freehold of the 15,117 sq ft 11 Leadenhall Street office building in the heart of the City of London for an undisclosed price.
The building, which is 91% let, comprises a basement, ground floor and seven upper floors, in addition to a retail unit let to Starbucks.
The company said it intended to “take advantage of compelling opportunities to purchase under-performing office assets which require capital investment and a specialist skill set to reposition them”.
Jonathan Barber, head of asset management at Oxygen, said: “11 Leadenhall Street is the first acquisition for our value-add office strategy in Central London. The building fits our investment criteria and our plan will be to upgrade the building to provide best-in-class offices and new amenity facilities with sustainability principles embedded into our decisions from day one.”
Aston Woodward, founder of Oxygen, added: “In 2005, our first asset repositioning project was on Leadenhall Street, and some years later we are back. We believe there is an excellent opportunity to capture growth by delivering our planned upgrades to the building and creating design led fitted offices across the floors aligned to current occupier requirements.”
