10 New Burlington Street will become the new UK head office for the US-based hedge fund manager, Ares Management LLC. The fund manager has chosen modern offices that are discreetly located at the southern end of Regent Street, close to Piccadilly Circus. 10 New Burlington Street forms part of a £250m redevelopment project that is currently under construction. The ‘Topping Out’ ceremony took place last April and was attended by Westminster Councillor Robert Davis, along with representatives from both The Crown Estate and its development partner Exemplar.
Since 2002, The Crown Estate has committed to a £1bn investment programme to provide modern office space in W1 to attract top quality international tenants. This lease is the latest step toward the rejuvenation of this corner of the West End office market.
Commenting on the lease transaction, David Shaw (The Crown Estate’s Head of the Regent Street Portfolio) said "Our long term approach to investing in Regent Street has seen us develop new high-quality office space over the last ten years, putting us in a strong position to take advantage of the favourable supply and demand dynamics. Attracting world class businesses like Ares Management supports our view that Regent Street is an outstanding place for offices."
Ares is an international corporation employing 700 people worldwide and holds the mandate over $68 billion of capital. The Los Angeles-headquartered corporation already has London offices in Knightsbridge and in the City of London. Their City staff operate from an office in The Gerkin at 30 St Mary Axe, the skyscraper designed by Sir Norman Forster.