A landmark office deal in the City of London has been finalised, with Helical and Orion Capital Managers completing the £333 million forward sale of 100 New Bridge Street to an undisclosed owner-occupier. The buyer, confirmed by several sources familiar with the matter, is understood to be a major US-based financial institution, marking one of the largest transactions in London’s office market in recent years.
The sale sets the stage for a significant corporate relocation, as the purchaser prepares to vacate its current headquarters in Canary Wharf. This move underscores a growing trend of major tenants shifting away from Docklands in favour of more centrally located, premium office space in the City. Other high-profile firms making similar moves include HSBC and Clifford Chance, with Deutsche Bank also reportedly reassessing its presence in the area. Vacancy rates in the Docklands core market around Canary Wharf reached a record high of 19 per cent in the first quarter, according to data firm CoStar.
100 New Bridge Street is currently undergoing a comprehensive redevelopment, led by Helical and Orion, which is due for completion in April 2026. Once finished, the 10-storey building will provide 195,000 sq ft of office space designed to the highest standards of sustainability, wellbeing, and technology. The refurbishment includes a complete strip back to the frame, recladding, the addition of two new floors, and the creation of a rooftop terrace offering views of St Paul’s Cathedral and central London.
The asset has been sold at a capital value of £1,712 per sq ft, reflecting a yield of 5% before transaction costs and rent-free allowances. The building, held on a 999-year virtual freehold lease from Network Rail Infrastructure, is part of a wider joint venture between Helical and a vehicle managed by Orion Capital Managers. Helical had previously sold a 50% interest in the development to Orion for £55 million.
The transaction reflects a broader strategy among corporate occupiers to secure long-term control over prime office assets, rather than remaining in leased space. This has been particularly evident post-pandemic, as businesses seek to optimise their workplaces and attract employees back to physical offices through central, high-quality environments.
In a statement, Matthew Bonning-Snook, Chief Executive of Helical, said:
“This transaction is a true reflection of the quality of 100 New Bridge Street as a London headquarters destination. The very strong interest we received in the scheme over a year ahead of completion is testament not only to its best-in-class characteristics, but also the acute shortage of prime office space within the submarkets Helical has targeted as part of its significant development programme.”
Aref Lahham, Founding Partner and Managing Director of Orion Capital Managers, added:
“The sale of 100 New Bridge Street, following the leasing success of Panorama St Paul’s, represents a further vindication of Orion’s strategy to gain exposure to leasing risk in new best-in-class offices in the most in-demand locations across gateway cities in Europe.”
The purchaser’s current headquarters at 20 Churchill Place in Canary Wharf is expected to be vacated before its lease expires in 2028. The departure follows a wave of corporate exits from Docklands. While some firms—including Barclays and Morgan Stanley—have opted to stay, the shift towards central London locations continues to reshape the capital’s office market landscape.
The deal at 100 New Bridge Street highlights ongoing investor interest in high-quality office developments in core City locations, despite broader market uncertainty around office valuations and demand in the post-Covid environment.
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