Kier completes signing for London HQ at former BBC home

By Paul Norman - Thursday, January 04, 2018 15:29

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Kier has signed a 25-year lease with the Standard Life Investments Long Lease Fund to occupy its redevelopment of BBC Commercial's former headquarters at 33 Foley Street in London’s Fitzrovia.

The building, formerly owned and occupied by the BBC, will become Kier’s central London office when the lease begins in February 2018. Kier is undertaking a substantial refurbishment and extension programme at Foley Street to create 42,000 sq ft of offices.

Leigh Thomas, Managing Director, Kier Property, said: “We are delighted to be moving in to Foley Street in February 2018. The new environment will bring our teams together, enhancing collaboration not just within Kier Property but also with other parts of the Group.

“Foley Street is in a prime central West End location and we’re looking forward to making use of the Grade A office space when work completes early next year.”

Montagu Evans acted for the Standard Life Investments Long Lease Fund, while Kier Property was represented by Cushman & Wakefield and Michael Elliott.

Kier and Investec Structured Property Finance bought the 34,000 sq ft building at 31-36 Foley Street for £55m in August 2015 from BA Pension Fund.

Standard Life bought the buildign in a sale and leaseback from Kier in July of last year.

The building was originally built in the 1920s as a printing works and, until recently, was occupied by the BBC.

Investec provided debt as part of a £55m, 70% loan to cost, debt facility, which included funds for the acquisition and future development of the property.

pnorman@costar.co.uk

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