London 16 July 2012 – Orion Capital Managers has bought the former Daily Mail HQ in the City with Quadrant Estates named as its development partner.  The 120,000 sq ft Grade II-listed Carmelite building at 50 Victoria Embankment, EC4, was sold as a vacant building by clients of Aberdeen Asset Management.

The Thameside site, which was previously Taylor Wessing’s HQ and originally built in 1992, has consent for a redevelopment providing 130,000 sq ft of net office space.  Quadrant and Orion intend to comprehensively refurbish the existing building starting on site in January next year to provide a BREEAM ‘Excellent’ building with completion targeted for mid 2014 and a gross development value of £120 million.

Designed by architects Fletcher Priest, the building will offer 20,000 sq ft office floor plates, targeting occupiers from the West End, Mid-Town and the City looking for Grade A space.

Aref Lahham, managing director and founding partner of Orion Capital Managers commented:

“We are confident the space will attract tenants at a time when a number of long leases expire in buildings that will no longer be fit for purpose.”

Tristram Gethin, managing and founding director of Quadrant Estates, added:

“Carmelite is a prime, Mid-Town HQ building in an enviable location overlooking the Thames. The West End, Mid-Town and City all have limited supply of Grade A office space and this location is increasingly seen by many occupiers as a viable alternative to the West End.  We are expecting demand from occupiers looking for first class offices in a prime riverside location.”

Knight Frank acted for Aberdeen Asset Management and CBRE acted for Orion Capital Managers and Quadrant Estates.