Acai Group buys Golden Square block for £41.5m

The Gabbay family’s Acai Group investment firm has acquired a Soho office from USS Investment Management for £41.5m. The 23,198 sq ft office at 2-3 Golden Square, W1, is occupied by seven tenants, all of which have signed leases within the past two years. While one shorter lease will expire in 2026, most are set to expire between 2028 and 2034, with achieved rents of around £90 per sq ft. According to EG data, average office rents have risen by 1% over the past 18 months. Average rents for leases lasting 10 years or longer stand at around £101 per sq ft. The deal will be welcome addition to a market which has seen a limited number of transactions this year. Savills’ most recent West End Investment Watch report found year-to-date transaction volumes are running at £2.3bn – 31% below the 10-year average. Colliers represented Acai Group.