Barings brings City of London office refurb scheme to full occupancy

Barings has agreed a 24,056 sq ft letting at Capital House, a grade-A office scheme in the City of London, taking the development to full occupancy. The letting to Redburn, a research-led advisor to fund managers, follows an £11m refurbishment of the building at 85 King William Street, EC4. The scheme had already attracted Redburn’s parent company Rothschild & Co. Redburn will occupy the sixth and seventh floors, while Rothschild has taken close to 42,000 sq ft over the first, second and third floors. The eighth floor (9,626 sq ft) was let to Trading Technologies in February. Investment manager Barings bought the building in July 2021. The vacant floors have benefited from a decarbonisation strategy to transition the building away from gas to all electric central plant, new terraces on the sixth, seventh and eighth floors, as well as an extension to the eighth floor – increasing the net internal area of that floor by 22%. The refurbished floors have gone from an EPC D to EPC B rating with BREEAM Excellent accreditation awaiting verification. They also have WiredScore Platinum certification. A new reception area features an integrated coffee bar. Barings managing director of UK real estate asset management Ian Mayhew said: “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.” Elsewhere in central London, Barings has recently launched letting campaigns at 25 Moorgate, EC2, and TIDE Bankside, SE1. BH2 and Savills acted on behalf of Barings. See more letting information for London, EC4>> To send feedback, e-mail julia.cahill@eg.co.uk or tweet @EGJuliaC or @EGPropertyNews Photo © Barings