Mayfair investment bank Evercore has signed for a new sustainable headquarters at the former House of Fraser department store in Victoria in the biggest pre-let deal ever seen in the area.
The finance firm will occupy 135,000 sq ft across five floors in the 445,000 sq ft development at 105 Victoria Street when staff move over on completion in two years time from its current offices at Stanhope Gate near Hyde Park.
Welput, a specialist central London office fund managed by Sun Life owned investment firm BentallGreenOak (BGO), bought the “tired” 1970s building in 2005 for £103 million and planning consent was secured from Westminster council in April 2021.
The Kohn Pederson Fox designed building, which has an estimated gross development value of around £1 billion, is described by Welput as “the UK’s largest 100% electric, net zero carbon office development.”
It will include 25,000 sq ft of greenspace and terracing – more than any commercial building in the West End – including a 200m ‘walk and talk’ track for on-the-move meetings and an Urban Farm, which will be accessible to all occupiers alongside the 11th floor terrace.
It is equipped with a triple height space with spiral cycle ramp and central staircase leading to the ‘activity zone’ comprising a gym, a cycle shop for repairs, secure bike parking, showers and drying room for use by cyclists, walkers and runners. These facilities wrap around a multipurpose arena for sports games.
There is also 45,000 sq. ft of retail and amenities open to the public. At street level, the building features a ‘Village Square’ and a further 5,382 sq. ft of affordable space for local and up-and-coming brands.
Chris Valentine, head of Central London office leasing at JLL, said: “We’ve seen a marked increase in pre-lets over the past two years and we expect this to continue to grow as occupiers seek space that delivers a first-rate experience for their team and clients, aligned with their ESG targets. This major pre-let two years ahead of completion is evidence of this growing demand, and with 310,000 sq ft remaining at 105 Victoria Street in a highly constrained market for supply, we are highly confident of further pre-lets.”
Alexander Morris, Managing Director at BGO, said: “Our team is committed to providing premium workspace for the next generation of occupiers, who expect strong sustainability credentials and top-tier facilities as standard. Beyond this, it was crucial to us to partner with occupiers aligned with our environmental, wellbeing and social sustainability strategies, which have been the guiding principles of this development. We’re looking forward to welcoming our first occupier to 105 Victoria Street in 2026 to continue the work we have carried out in the Victoria community over the past five years of development.”
Contractors Skanska aim for completion in summer 2026.
