Hines, a leading global real estate investment manager, has acquired Worship Square, a newly built Grade A office building at 65 Clifton Street in the heart of the City of London, from HB Reavis, a preeminent European real estate developer and investor, in an off-market transaction.
The 139,000-square-foot property offers premium workspace across nine floors with terraces and amenities. Located right in the heart of the City, the building was completed by HB Reavis in 2024 and is 97% leased to leading occupiers, including Wise, a global technology company, and Frontier Economics, a prominent European economic consultancy. A mix of flexible workspace is available, with the lower ground and basement floors offered by HB Reavis’ brand HubHub. 3,800-square-foot of retail space is also available on the ground floor.
Alfonso Munk, Global Co-Head of Investment Management at Hines, said: “We are delighted to make this acquisition at a time when compelling demand-supply dynamics for prime office space in London have created an extremely favorable backdrop for rental growth.”
“Occupiers are demanding high-quality, amenity-rich office space in the city’s best locations, and this building delivers on every front. Our research shows a growing bifurcation between best-in-class offices and the rest, and Worship Square positions us firmly on the right side of that trend.”
Steven Skinner, CEO of HB Reavis Developments, added: “Worship Square is a landmark, multi-award-winning UK project that embodies our long-held strategic focus delivering highly sustainable and healthy workplaces that put the occupier at the heart. The calibre of occupier and attracting a near 100% occupancy at building completion is testament to the quality of development. The completion of the asset sale to Hines enables additional capital to reinvest into our existing development pipeline.” With limited Grade A availability and rising construction costs, businesses have been driving a flight to quality, prioritizing modern, sustainable and well-located offices. Institutional liquidity is also returning to the London office market, reinforcing confidence in prime assets like Worship Square.
Jake Walsh, Managing Director at Hines said:
“Securing an asset of this quality in a prime location in London off market is a testament to Hines’ unique ability to deliver on behalf of our investors, in a market where alpha creation at all stages of the ownership lifecycle is vital.”
This investment, made on behalf of a Hines-sponsored fund, aligns with the firm’s global strategy to focus on prime assets across all asset types in gateway cities, delivering resilient income and positioning its portfolio to benefit from new macroeconomic and geopolitical trends shaping the future.
HB Reavis’ long-term strategy continues to centre on premium projects and long-term asset management, while retaining the flexibility to respond to opportunities which support the strategic optimisation of its portfolio. In this context, transactions such as the sale of Worship Square create additional capacity for the company to advance new development opportunities in the United Kingdom and Germany, which remain key markets in its development strategy
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