KPMG’s former restructuring arm sets up shop in new City office

The former restructuring business of KPMG has signed for a new UK headquarters in the City to house its 250-strong London team. Interpath Advisory, the independent financial advisory business which was formed in 2021 following the sale of KPMG’s UK restructuring business, is taking the top floor of the nine-storey 10 Fleet Place, EC4. The letting with landlord Addington Capital is for 13,900 sq ft of office space on a 10-year lease, with an option to break after five years. Interpath joins other blue-chip tenants in the building including engineering consultancy Mott MacDonald and news service CNBC, which was recently acquired by Comcast and Verizon Group. 10 Fleet Place is a 185,000 sq ft office building to the east of St Paul’s Cathedral. Addington Capital is the asset manager for the property on behalf of its Hong Kong-based owners who bought it from Ares Management in 2015. It underwent substantial refurbishment during the first half of this year, with an upgraded reception, new fit-out, and a revamped basement. Blair Nimmo, chief executive of Interpath Advisory, said: “In hunting for our new UK headquarters, we were looking for a building which could deliver a state-of-the-art, flexible working environment, right in the heart of the City, where collaboration and innovation can flourish.” Interpath, which currently has four offices across the UK in Edinburgh, Reading, Aberdeen and Nottingham, will move in during the second quarter of next year. In addition to its new premises in London, a further six offices are set to open in Manchester, Leeds, Birmingham, Glasgow, Bristol and Newcastle over the coming months The new company was established when private equity firm HIG Capital bought it from KPMG earlier this year for £400m, making the big-four accountant the latest to sell off its restructuring business. Deloitte has also sold its restructuring arm, to advisory firm Teneo, this year. David Dalrymple, partner at Addington Capital said: “We have invested during the pandemic to vastly improve the internal finishes and amenities at 10 Fleet Place and the changes we are making have made the building significantly more attractive to occupiers. “Our investment appears to be paying off. We are delighted to secure this letting to Interpath and are looking forward to attracting further high-calibre tenants to the building.” Ingleby Trice acted for Addington Capital; Cushman & Wakefield acted for Interpath Advisory. Compare this deal with other recent City lettings >> To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews