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The Crown Estate acquired 60k SF of office and retail space at 117 Jermyn St for £67M from DTZ Investors. The Crown Estate has invested about £500M and owns about half the buildings in St. James.
117 Jermyn is between The Crown Estate's One Eagle Place and the quasi-private company’s new development, St. James’s Market, a £400M JV between The Crown Estate and Oxford Properties, according to CoStar UK.
The Crown Estate expects to create a niche in the West End office market with a variety of shops and restaurants, and plans to improve the public realm by making the area more walkable. As part of this development, St. James Market is creating seven new restaurants, 210k SF of new office space, and five flagship retail shops for lifestyle and fashion brands. Tenants include Jigsaw, the Carlyle Group, Swedish cycling brand Assos, and The Crown Estate’s new London HQ.
Cushman & Wakefield repped The Crown Estate. Allsop repped DTZ Investors. [CoStarUK]
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