WELPUT in talks with Criterion Capital over sale of Covent Garden office tower

Criterion Capital is understood to be in talks to acquire Orion House in Covent Garden, WC2, from WELPUT, for more than £130m. The 15-storey property provides around 100,000 sq ft of space, and is let to tenantsincluding The Office Group, which agreed to lease 37,687 sq ft on a 15-year lease in July last year, and investment manager Marathon Asset Management. WELPUT, which is managed by BentallGreenOak, acquired Orion House in 2010 and has extensively refurbished the property. The total rent from the 10 office tenants and two retail tenants is £6.42m per year. The acquisition will add to Criterion’s vast portfolio of buildings on and around Leicester Square and Covent Garden. It is expected that Criterion will seek to convert the building to a hotel on lease expiry, as it has already done with uppers of four buildings in the area. Criterion Capital and BentallGreenOak have been contacted for comment. [caption id="attachment_994072" align="aligncenter" width="847"] Orion House, WC2[/caption] To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette