Ten Fleet Place was constructed for British Land and sold to CIT in 2005 for £106.77m. The 10-storey EC4 office rental has a distinctive dark metal window details that form vertical fins across the building.
AREA was attracted to make the £115m investment by the low default risk of the major tenants within the City office rental. Well established firms such as Dow Jones International, Mott MacDonald and Kelway IT are among the corporate tenants within the 183,102 sq ft property. In addition, CNBC Europe, the financial TV network, is leasing 20,000 sq ft for use as offices and television studios.
This starkly modernist office building sits above the train tracks of City Thameslink Station and was designed by the US architectural practice Skidmore, Owings and Merrill. Network Rail still retains the freehold but AREA will take over the asset as part of a 999-year lease granted to CIT in 2005.
CIT had initially begun marketing Fleet Place for £118m in 2011. However, the private equity real estate firm decided to withdraw it from sale when there was not sufficient interest from credible buyers.
AREA Property Partners also has an international network of executive offices in Knightsbridge, Mumbai, Amsterdam and across the USA. The New York-headquartered property company is led by Lee Neibart (Global CEO) and part owned by National Australia Bank Ltd (NAB), which holds a 35 per cent stake in the property asset management company.
It was founded as Apollo Real Estate Advisors in 1993 by the current chairman William Mack. AREA has itself become the target of a larger rival investor, with Ares Management agreeing this May to buy the property asset manager. Ares has $60 billion of assets under management, while AREA has invested $14 billion into US and European real estate.