AM alpha has completed the acquisition of Labs House, a Grade A office building in London. The exceptional asset was originally constructed in 1928 and newly refurbished in 2019. Today, modern office spaces with an exceptionally high standard interior are found behind the Portland stone and brick facade. The property provides 81,546 square feet of space arranged across multiple levels (lower level, ground floor and nine upper storeys) with excellent natural light coming in from all sides throughout the building. The asset is a long-term single let to Labs Worldwide.
Labs House is conveniently located in Bloomsbury in London’s iconic West End and sits at the convergence of London’s creative districts, surrounded by Fitzrovia, King’s Cross, Soho and Covent Garden. The building occupies a substantial island site in a prime location less than an eight-minute walk from the new Crossrail station (Elizabeth line) at Tottenham Court Road. In addition, it is well-positioned to benefit from significant nearby infrastructure improvements and a severely constrained development pipeline.
Martin Lemke, Managing Director at AM alpha, said: “Being one of the main global real estate markets, London is still attractively priced compared to a lot of other gateway cities and therefore remains our focus. One of the key reasons for pursuing this long-term income-producing acquisition in London is our conviction that the shared office concept will evolve stronger out of the pandemic as tenants seek more flexibility. In this regard, the concept of LabTech is a perfect fit that has also performed strongly during the pandemic. Like for the rest of Europe, we intend to substantially grow our UK portfolio with further investments this year in the major cities across all sectors."
