Carmelite Riverside
Background
Acquired from The Abu Dhabi Investment Authority (managed by Aberdeen) in 2012.
Asset Management Initiatives
Aberdeen marketed the office building with the benefit of a planning consent to refurbish the existing building. Acting as Development Manager, working in partnership with Orion Capital Managers, Quadrant led competitive negotiations to secure the asset.
What We Did
- Originated the opportunity.
- Negotiated the purchase with Aberdeen.
- Assembled the professional team and appointed the contractor.
- Secured planning amendments to improve floorplates, increase net internal area and add external terraces.
- Delivered a Grade A, best-in-class development on time and within budget.
- Secured a pre-let to Hachette of the entire building during construction.
- Identified the purchaser off market and negotiated the forward sale of the completed building.
- Significantly outperformed underwriting.
- 135,000
- sq ft (size)
- City of London, EC4
- Location
- Orion Capital Managers
- Capital Partner
- Past
- Status
Meet the team who worked on the Carmelite Riverside project
Tristram is a founding partner of Quadrant and specialises in the office sector. He has been working in the Central London and regional office markets since 1987 when he started his real estate career at Chesterton, working on leasing, investment and development in the City of London. Since founding Quadrant with Christopher Daniel in 1997, he works with a variety of investors, including UK REITs, institutions, landowners, private equity and various overseas investors, he has been involved in over 3.5 million sq ft of sales, leasing and development transactions across London and the Southeast. Over the past ten years, Tristram has led the development of over 1 million sq ft in Central London and is currently overseeing a pipeline of a further 1 million sq ft.