8th August 2021
Alder King advises Smart on London headquarters acquisition
Alder King has advised the London-based fintech company Smart on its acquisition of a new global headquarters building. The deal is one of the largest West End lettings since the start of the pandemic and demonstrates continued demand from occupiers for Grade A buildings with outside space.
Smart will occupy the whole of OneThreeSix, a new 44,500 sq ft Grade A office building by Native Land on Marylebone’s George Street. The new headquarters will be known as The Smart Building.
Smart signed a 15 year lease with a 10 year break, at a headline rent of £81.25 per sq ft. It will relocate from its current headquarters in Paddington.
The Smart Building is one of the first all-electric powered office buildings in central London and will be operationally carbon zero from day one of occupation, with electricity from renewable sources.
The six storey building, designed by architects Stiff & Trevillion, completed in June 2021 and features outdoor terraces on all but one of its six floors. The sixth floor has a large wraparound terrace with 360-degree views over Marylebone. The building also benefits from a roof with photovoltaic panels, and 66 cycle spaces with lockers and showers.
Eamon Mulholland, chief of staff at Smart, said: “After an extensive property evaluation process, we selected 136 George Street due to its state-of-the-art facilities, green energy credentials and central location. After an extended period of time working from home, we are delighted to sign this lease just as we announce a £165 million Series D funding round. We look forward to later this year when we can welcome our colleagues to our new home, The Smart Building.”
OneThreeSix forms the office component of Native Land’s redevelopment of the former Regent House, in joint venture with The Portman Estate.
Alder King partner Noel Stevens advised Smart on the acquisition.