Alfred Equities has signed the Northeastern University London for 98,000 square feet of offices at One Portsoken Street, the former Lloyds Chambers building, in London E1.
The University has signed a co-terminus lease with its premises at Devon House in St Katherine's Dock stretching from the fifth floor upwards, in one of the largest lettings at an office building in the UK this year. Northeastern University – London, formerly New College of the Humanities, was founded as a private college by the philosopher A. C. Grayling, who became its first Master.
It joins global education company BPP which in February of last year leased 80,000 square feet over the ground to third floors for its central London headquarters after a move from London Wall. The building is also home to the BPP School of Business and its Profession Education programmes.
The Aldgate and Whitechapel areas of London saw a fall in take-up during the pandemic but landlords rebased rents in response, with the locations boosted by a wave of educational lettings.
New York investor Alfred Equities formally brought to market for lease the 233,000 square feet of offices in Aldgate in the City following a major refurbishment programme.
Compton, Noble Harris and Cushman & Wakefield are leasing agents at the building which was extended from 193,500 square feet and has an average floorplate of 27,000 square feet across 10 storeys. Quoting rents are mid £50s per square feet upwards, with the third to eighth floors having terraces.
Alfred Equities bought Lloyds Chambers for £97 million and a net initial yield of 7% in December 2017.
It opted to push on with a major refurbishment rather than carrying out the SPPARC Architecture-designed "Butterfly’" scheme proposed by a joint venture between former US Treasury Secretary John Snow, Chinese investor Fosun Property Holdings, a trust of Judith Ryan, and James Lapushner, the former head of Morgan Stanley Real Estate's investing business in Germany and the founder of Anacott Capital.
Knight Frank advised the Northeastern University London.