Proactive asset repositioning to grow rents
In September 2011, we purchased 200 Gray’s Inn Road with our joint venture partner, the BP Pension Fund. With three quarters of the 291,600 sq ft building let to ITV and ITN at low rents and other leases expiring in the near to medium term, we realised that pro-active asset management of the building would provide a perfect opportunity to increase rents.
Starting with a comprehensive refurbishment of 20,000 sq ft on the first floor we also negotiated the surrender of further space in the building from ITV and ITN to create a critical mass of new space to offer to the market.
Our multi-phase refurbishment of 200 Gray’s Inn Road, WC1 continues to create high quality floorplates that have redefined the building and significantly increased rents since purchase.
Creating innovative office space
200 Gray’s Inn Road is a high quality building benefiting from large floorplates around a galleried atrium with generous floor to ceiling heights, however the internal office space was tired, inefficient and lacked character.
We, therefore, adapted and enhanced the strong design quality of the original building removing the suspended ceilings, exposing the concrete soffits which in turn increased the volume of the space. By taking a contemporary approach to the aesthetics, we broadened the appeal of the space and differentiated it from the competition.
Meeting occupier needs
We always aim to create spaces that will provide the greatest appeal. At Gray’s Inn Road, we knew from our research and market knowledge that there was strong demand from the tech and media sector for large floorplates with a difference.
We also knew that in order to sufficiently rejuvenate the building, we needed to diversify the occupier base from ITN and ITV. We, therefore, created space that was in tune with the requirements of our target market – efficient, light, high volume, characterful offices and subsequently let over 30,000 sq ft to Warner Bros.
Ian McArdle Founder – IMA.
It was a special privilege to work with this Sir Norman Foster design: to celebrate the great strengths the building possesses; to uncover opportunities to improve it; and create the perfect space for the dynamic modern office occupier.