Lone Star Funds announced that an affiliate of Lone Star Real Estate Fund VII, L.P. has reached an agreement to acquire 90 Whitfield Street in London, UK from Derwent London.
The property is located in Fitzrovia, within central London’s West End sub-market. It comprises 107,000 square feet in total, including 99,000 square feet of fully developed office space and 8,000 square feet of ground-floor retail space. The building features floor-to-ceiling glazing, generous ceiling heights, flexible floor plates, a recently refurbished reception area, and a large central atrium. The top floor also includes a privately accessed 900-square-foot rooftop terrace.
Situated on a corner fronting Tottenham Court Road, one of London’s primary thoroughfares, the asset is within walking distance of six separate tube stations, offering connectivity across the greater metropolitan area.
Lone Star said it sees continued opportunity in the central London office market and plans to pursue value creation through active asset management.
Founded in 1995, Lone Star is a global investment firm that advises funds investing in private equity, credit, and real estate. The firm has organized 25 private equity funds with aggregate capital commitments totaling approximately $95 billion and focuses on complex or transitional investment opportunities across market cycles.
KEY QUOTES:
“We have strong conviction in the central London office market and continue to believe with the right asset management strategy a well-positioned London West End property such as 90 Whitfield provides meaningful embedded upside.”
Jérôme Foulon, Global Head Of Commercial Real Estate At Lone Star
“This is a high-quality asset with strong underlying fundamentals given its Fitzrovia location and amenities. We believe that there are significant opportunities to further enhance the rental tone and institutional desirability by deploying further capital into refurbishment and sustainability upgrades.”
Jeremie Goldsztain, Senior Managing Director And Head Of Europe Real Estate At Lone Star
