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Deutsche Asset & Wealth Management (DeAWM) has let the first (1,072 sq ft) and the eighth (9,958 sq ft) floors of The Helicon, 1 South Place, in the City of London.
The Helicon building comprises 118,675 sq ft (11,025 sq m) of office space over ground to ninth floors above 103,708 sq ft of retail space occupied by Marks & Spencer and HSBC situated in the heart of the City.
It was constructed in 1996 and acquired in 2004 by DeAWM on behalf of one of its German funds.
The new lettings follow the completion of a multi-million pound refurbishment of five floors totalling over 63,000 sq ft together with the reception and common parts area. The refurbishment incorporates many environmental initiatives including the creation of cycling facilities, incorporating showers, a drying room, changing rooms and 67 cycle spaces, resulting in the property achieving a BREEAM score of ‘Very Good’.
The eighth floor has been let to Experis, guaranteed by the Manpower Group at a rent of GBP53.50 per square foot. The terms for the first floor are confidential.
“The management and execution of this complex refurbishment project, delivered on time and budget, and with tenants in occupation, is an excellent example of the depth of expertise within DeAWM’s asset management team,” says Hugo Vere, head of asset & portfolio management. “The ability to undertake the refurbishment, repositioning the asset to capture the improving City occupational market, was facilitated through the skilled negotiation of a substantial surrender premium from a former occupier of the space.”
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