Evans Randall Investors has completed the off-market sale of Bureau, its landmark Grade A office building in the heart of London’s midtown, for €138m (£118m) to the real-estate arm of German asset manager Deka Group, Deka Immobilien. Hailed as one of the most luxurious, high-tech workplaces in the capital, located on Fetter Lane, Bureau is the London HQ of AB InBev, the world’s largest brewing company, which anchors the building on a combination of 10 and 15-year leases.
The sale of the building coincides with the letting of the first floor to Miniclip, which was the final office floor available. Miniclip, is the world’s largest privately-owned online gaming website, which signed for the second floor of the building in June 2020. Bureau’s office accommodation is fully let at market-leading rents.
Evans Randall Investors acquired the building in a joint venture with STARS REI in November 2015 for €55m (£47m) and undertook an extensive transformation, significantly increasing the NIA of the building to 75,000ft² and redefining it from a dated 1980s block into a highly contemporary prime office space.
James Edwards, Managing Director at Evans Randall Investors, said: “This sale is a welcome endorsement for London and office working in high-quality buildings, and Bureau is a great example of the investment, development and asset management expertise we bring to the table. Throughout a challenging political and economic environment, to be able to navigate these obstacles and deliver against the strategy, creating such a high-quality asset, has been very rewarding for ourselves and our partner STARS REI. ”
