The Executive Office Group has now been sold to the Queensgate Fund. Originally owned by Morgan Stanley, the Executive Office Group’s upmarket portfolio of 28 West End and City commercial locations has been purchased by the Queensgate Fund, for £206 million.
Most of the assets within the building are part of attractive freehold packages compromising of long leases, which means that the Queensgate Fund are well-placed to capture the appreciation of capital in the future.
Queensgate Fund Invest in What They Describe as London’s Best Five Star Serviced Offices
The 513,700 sq. ft. package includes offices and commercial venues within the City, as well as Victoria. Combined with sought after serviced office space lettings placed in St James’s as well as Mayfair. Their headquarters has a fantastic view of the highly regarded and beautiful green space, St James’s Square.
Morgan Stanley had owned the building for 7 years before this, obtaining it from founders Peter Allport and Peter Kershaw in 2005. Developed further, whilst in the 7-year ownership of Morgan Stanley, the portfolio now has more than three thousand clients. In the last 3 years, The Executive Office Group has increased its turnover, now standing at £45 million. This represents growth of 10% per year.
Queensgate Funds inclusion of the high-end serviced office industry gives goals of increasing the pre-sent occupancy of 88%, whilst maintaining exemplary standards of satisfaction by its clients to the executive team at the LJ Group, headed up by Jason Kow.
The Chief Executive of Queensgate Investments has spoken of the deal. Jason Kow talked about how the opportunity is a good one to bring together London property and a commercial operation company. By using high-quality property throughout central London they can create the perfect partnership.