MCR Hotels' £275 million acquisition of London's iconic BT Tower and its plans to convert the building into a high-end hotel has bagged a CoStar Impact Award for its vision in preserving a vital piece of London's architectural and cultural heritage.
Taking home first place in the Acquisition of the Year for London category, an independent panel of industry professionals working in the market said the deal deserved recognition for its contribution to urban development innovative approach to repurposing a historically significant structure.
Judges also said MCR's purchase marks a "pivotal moment" in the building's history, securing the future of the Grade II listed landmark which was opened by Prime Minister Harold Wilson in 1965 and has been used as offices by both BT and the Post Office.
The US hotel group suggested at the time of its purchase that it would treat its makeover of the BT Tower in a similar way to its sensitive redevelopment of the TWA Hotel in Manhattan, allowing "significant time for design development and engagement with local communities" before submitting a planning application.
About the project:
According to those involved with the project, the BT Tower presents unique challenges for both sides of the deal, with MCR Hotels set to redevelop a highly specialised structure into a functional and luxurious hotel while respecting its historic significance.
For BT Group, the gradual decommissioning and removal of the tower's telecommunications equipment required careful planning and execution. It has also agreed a multiyear payment structure, highlighting the intricate nature of this undertaking.
The involvement of renowned architect Thomas Heatherwick further underscores the commitment to innovative design and a sensitive restoration at the Fitzrovia scheme, the people behind the scheme add.
What the judges say:
Shaun Simons, founder at Compton, said: "An impressive line-up of nominated deals, but in my view, there can only be one winner. The BT Tower is truly unique, not just compared to the shortlist but in every sense.
"It stands out not only as a one-of-a-kind building but also because its planned reuse is an exciting and transformative prospect for the London market, making it the most impactful winner of this award."
Amarachi Seery, sustainability manager at Schroders Capital, added: "This category was hotly contested, the edge had to go to BT Tower due to the impact of keeping an iconic building and incorporating it into the existing tourism of London and the change of use into a hotel.
"There were also significant challenges in putting together the deal in terms of the multiyear payment structure and the renovation that would need to be undertaken."
They made it happen:
Tyler Morse, chairman and CEO of MCR Hotels.