Beltane And TPG Snap Up Mayfair Office: The London Deal Sheet
The Deal Sheet is a weekly compilation of Greater London and beyond's biggest leases, sales, financing deals, construction updates and personnel moves. Have news you’d like to submit? Email mark.faithfull@bisnow.com.
Beltane Asset Management and TPG Angelo Gordon have acquired the long leasehold interest in 2 Park Street, located in London’s Mayfair.
The transaction marks the third office acquisition completed by the partnership in the past 12 months, following the purchases of 45 Warren Street, formerly Fitzroy House, in Fitzrovia and 10 Old Burlington Street in Mayfair.
Occupying a corner position within the Mayfair Conservation Area, 2 Park Street provides approximately 50K SF of office space arranged over lower ground, ground and six upper floors. The building has four street frontages and has undergone significant refurbishment over the past five years.
Beltane said that it plans to further upgrade the asset, and architect Piercy & Co has been appointed to advise. The building is let to six tenants.
Beltane is also progressing its regeneration of Notting Hill Place, which will deliver 170K SF of office space, with completion expected in mid-2027.
As for its other office schemes, refurbishment works at Fitzroy House are underway, with completion expected in 2026, while 145K SF of office space remains available at One Millennium Bridge.
DEALS
Lloyds Living has completed the acquisition of Start Living, a 610-home portfolio established through a joint venture between Gatehouse Living Group and TPG Real Estate. The new homes bring Lloyds Living’s total portfolio to just over 7,300 properties.
The newly acquired homes, developed by Countryside and Vistry, span locations including West Bromwich, Nottingham, Liverpool, Grimsby, Scunthorpe and Coseley, near Bilston.
In total, Lloyds Living has added 578 single-family houses and 32 low-rise apartments, with more than 550 of the homes already delivered and stabilised and the remaining properties at Fairham and Padstow due to complete in the fourth quarter.
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Firethorn has acquired 5 Lloyd’s Avenue in the City of London from a client of Swiss Life Asset Managers UK for an undisclosed sum.
The project, for which a planning application will be submitted in spring/summer 2026, will repurpose the existing property for visitor use and add a floor. Once complete, it will continue to offer ground-floor amenities open to guests and the wider public and is intended to “create a vibrant social hub for the local community,” Firethorn said.
SW3 Capital will be the operator for the site.
CORPORATE
Matter Real Estate has formed a partnership with Madison International Realty and GCM Grosvenor, which has acquired minority stakes in Matter from existing investor Black Lion. The ownership of Matter’s management shares remains unchanged.
GCM Grosvenor’s investment follows a longstanding relationship with Matter, having previously invested in several of the firm’s European residential platforms. Madison has also made a significant commitment to co-invest alongside Matter in opportunities in Denmark, Sweden, Germany and the UK, the companies said.
DEVELOPMENT
Design and build contractor McAleer & Rushe has been appointed as principal contractor by Wellcome Trust to deliver a £52M office redevelopment at 80 Pelham Street in the Royal Borough of Kensington and Chelsea.
The project will transform the site into a five-storey office building totalling approximately 114K SF and will include green roofs and terraces, improved pedestrian spaces at street level, and the retention of gym facilities in the new building.
The development is targeting BREEAM Outstanding and WELL Platinum certification, plus an energy performance certificate A rating.
Enabling works are underway, with McAleer & Rushe managing the main contract through to completion in October 2027.
LEASING
Media services specialist Gravity Media has signed a new 10-year lease for an additional 9K SF in the WestWorks building at White City Place. The move increases Gravity Media’s total space by more than 30% to 38K SF.
Gravity Media has been based at White City Place since 2022, with services bringing together production, postproduction and live studio facilities.
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Plasmidsaurus, a specialist DNA sequencing biotechnology company, is expanding its UK presence at Kadans Science Partner’s Mayde in Tileyard Quarter, King’s Cross.
The company is increasing its office and lab space at Mayde, King’s Cross, joining Mayde’s existing tenants, including EpochBio, in part of the King’s Cross science cluster.
Mayde opened in November 2024 and provides 114K SF of purpose-built laboratory and office space.
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Runway East has signed for 26,500 SF at Endeavour House, Shaftesbury Avenue, making the operator one of the largest West End and Midtown flexible workspace providers, with more than 100K SF across four buildings.
The operator has entered into a 15-year agreement, and Runway East Covent Garden will offer offices and a ground-floor member lounge with meeting rooms.
Founded in 2014, Runway East tenants across its estate include Deliveroo, Octopus Energy, Deloitte and Canva, and the company now operates across London, Birmingham, Bristol, Brighton and Bath, with 14 locations nationwide.
PEOPLE
Walker & Dunlop has expanded its London-based Europe and Middle East office with the addition of Aaron Knight as senior managing director, co-head of capital markets EMEA.
Knight will be responsible for sourcing debt and equity capital on behalf of clients throughout Europe and across asset classes, including build-to-rent, purpose-built student accommodation, logistics, office, retail and alternatives such as life sciences, self-storage and data centres.
Before joining W&D, Knight was a director of debt and structured finance on the international capital markets team at JLL and also worked at PGIM Real Estate.
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LondonMetric Property Investment Director Valentine Beresford is to retire at the end of the financial year.
Following Beresford’s retirement, Will Evers will become the sole head of investment. Evers joined Metric Property in 2010 and has been joint head of investment with Beresford since 2024.
Beresford was one of the original founders of Metric Property, which had its initial public offering in 2010. He has worked with LondonMetric’s management team for more than 30 years, the last 13 of which were at LondonMetric after Pillar Property and British Land.
