(LONDON) – Hines, the international real estate firm, has named Cushman & Wakefield and Colliers International as joint office leasing agents for Grainhouse, a premier new office property on Drury Lane in the heart of Covent Garden. Shelley Sandzer has been appointed as leasing agent for the 23,000 square feet of leisure and retail space.
The 91,000 square foot scheme was acquired off-market by the Hines European Value Fund 2 (HEVF 2) in March 2020. The Hines firm subsequently agreed to a 15-year pre-let on 36,000-square-feet across three floors of the five-level building, which will become the new headquarters for the Hines UK and European Region teams, who are both currently based at 5 Welbeck Street, W1.
There remains 32,000 square feet of office space to lease across two floors of the Grainhouse. The building is currently vacant and has planning consent for a landmark repositioning which will combine four interlinked period buildings to deliver one consolidated modern office environment, with street-level restaurant and retail amenities. The scheme has been designed by award-winning architects Barr Gazetas and is expected to be completed in Spring 2023.
Hines has commenced the refurbishment program, which incorporates the addition of a two-story roof extension across the site, with flexible office floorplates ranging from 6,650 to 15,800 square feet arranged around an atrium with character finishes including exposed concrete, steel and brickwork.
Health and wellbeing are a major focus of the scheme. The occupants of the building will have access to extensive external terracing and there will be areas on the roof that include native plant species and nest boxes. Spacious accommodation for secure bicycle storage and extensive shower and locker facilities will be provided.
Grainhouse will aim to reduce operational carbon through a variety of active and passive measures, as well as reducing embodied carbon by retaining as much of the original structure and materials as possible. The building has been designed to achieve BREEAM ‘Excellent and WELL Platinum Certification, as well as meet enhanced digital connectivity standards with ‘WiredScore Certified Platinum’.
Raj Rajput, Managing Director, Asset Management, Hines, said: “We have a huge opportunity and responsibility to re-shape, re-invent and breathe new life into a heritage building and transform it into a contemporary, future proofed workplace in the heart of London. We’re looking forward to Grainhouse becoming our new home and are sure it will capture the imagination of occupiers.”
James Campbell, Cushman & Wakefield, said: “This is an incredibly exciting project which we’re delighted to be involved with. Occupiers love authentic buildings with outstanding amenities and Grainhouse squarely meets these criteria. We firmly believe that the best buildings in the best locations will continue to outperform. Its fantastic location in the heart of London’s hospitality and entertainment core, and with Crossrail on the doorstep, will ensure Grainhouse is a huge success.”
Tom Tregoning, Colliers International, said: “Grainhouse presents a rare opportunity for an occupier to find a building of such character with floor plates of this size in the heart of London. The compelling offer of contemporary workspace, in a reconfigured heritage building in such a tremendous location will attract strong interest from the occupier market.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2020.
Since entering Europe in 1991, Hines has grown its European platform to include offices in 16 cities as well as a presence in 55 cities in 13 countries, with €22.7 billion of assets under management, including €19.8 billion for which Hines serves as an investment manager and €2.9 billion for which Hines provides third-party property-level services, in Austria, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.
Visit www.hines.com for more information.