UK Commercial Property Trust, the largest Guernsey based, UK focused commercial property trust, advised by Standard Life Investments, has agreed a 15-year lease with international art gallery Skarstedt, at 6 Arlington Street, in London’s St James’s.
Having taken a total of 435m2 (4,690ft2) across the ground and basement floors of the property, Skarstedt took occupation in September and are currently fitting out the premises. The high end gallery space is located on a prominent corner within St James’s, opposite The Ritz Hotel and only moments away from Green Park underground station and various other transport links.
Skarstedt specialises in historical exhibitions by Contemporary European and American artists with recent shows featuring Andy Warhol, Barbara Kruger and Yves Klein. The gallery was founded in 1994 in New York, with its first London space at 23 Old Bond Street opening in 2012 with the inaugural exhibition "Andy Warhol: The American Indian." A third gallery was opened in New York’s Chelsea district at 550 W. 21st Street in May 2014 with the inaugural exhibition "Klein and Warhol: Fire and Oxidation Paintings." The deal with UKCPT will see the gallery relocate its Old Bond Street premises to Arlington Street.
Will Fulton, fund manager at Standard Life commented: “This letting is a strong endorsement of UKCPT’s strategic portfolio management, identifying the opportunity to acquire and renegotiate the previous lease with improved terms, and subsequently re-letting the space to Skarstedt; a perfect occupier for the building and location.”
Paul Souber of Colliers International, who advised UKCPT on the letting, said: “Skarstedt is a major figure in the art world in both New York and London. The gallery has exciting plans for Arlington Street as its second London location, retaining architect Thomas Croft to design the space”.
