Delivering on its asset management plans, Orchard Street Investment Management has agreed a new 10 year lease with the existing tenant, global media owner, Clear Channel at 33 Golden Square, Soho London.
The 17,086 sq ft six storey property, which Clear Channel will use as its International HQ outside of the US, was acquired by Orchard Street on behalf of St James’s Place Wealth Management last year.
Now that the lease has been agreed upon, Orchard Street will provide funds in order to help upgrade the office building to Grade A standards, which will cater to the occupational needs of Clear Channel.
Partner at Orchard Street, Richard Walters, said: “Given Clear Channels’ desire to remain headquartered in the location, we are very pleased to be able to agree a mutually beneficial solution which satisfies the tenants’ long term occupational requirements and secures a high quality investment product for our investors.”
While Legal & Property Director of Clear Channel, Nick Andrews, added: “We are delighted to renew our businesses commitment to this premier location having comprehensively reviewed market alternatives.
“We look forward to a long relationship with Orchard Street who has shown a real commitment throughout the negotiations to deliver a mutually beneficial agreement. We are all very excited about delivering a high quality, dynamic space that inspires our business throughout the next decade.”
During the purchase and lease negotiations, Orchard Street was advised by Hanover Green, while Cushman & Wakefield advised Clear Channel and will act as project manager for the refurbishment.
