Frogmore, the UK real estate fund manager, has prelet 41,000 sq ft of offices at the Notting Hill Gate Estate to Blackstone owned serviced office group The Office Group (TOG) on a 20-year lease receiving a rent in the mid-£60s per sq ft, which it said was a record high for the area.
The redevelopment scheme at 92-94 Notting Hill Gate, designed by Squires Architects, is due to complete in Q1 2019.
Jo Allen, Chief Executive at Frogmore, said: “Having The Office Group in Notting Hill Gate is a great addition to the wider estate. Not only will they encourage more business, big and small to the area, but the letting continues the regeneration of the vicinity, to which Frogmore is dedicated.”
Charlie Green, co-CEO at The Office Group (TOG), says: “This is a very cool building in a very cool area. We’ve looked for years at this particular building and are really, really happy to have worked with Frogmore to finally land it. It’s part of stunning scheme, right on top of Notting Hill tube station, so we’re looking forward to creating a brilliant place to work here.”
The Estate also includes delivery of a 21,000 sq ft office building opposite which, whilst also being designed by Squires, will be completed in early 2019. Additionally, a further 25,000 sq ft will be available at 33 Notting Hill Gate in three years’ time.
Morgan Stanley is a co-investor at the Notting Hill Gate Estate, a multi-let, mixed use portfolio of retail, office and residential totalling 171,618 sq ft across four buildings. It is located in the Royal Borough of Kensington & Chelsea and is 2.5 miles to the west of Oxford Circus. Since acquisition in June 2015, as part of its third fund (Frogmore Real Estate Partners III), Frogmore secured planning consent across three of the buildings to reposition and extend the upper office parts to create a total of circa 95,000 sq ft of offices.
Other tenants at the Notting Hill Gate Estate include Marks & Spencer, Paul Bakery, Waitrose, Polpo and Pret A Manger.
Pilcher Hershman and Frost Meadowcroft advised Frogmore on the offices lettings.