TPG Angelo Gordon and Beltane have formally put Marylebone Place in London up for sale, seeking £145 million.
Michael Elliott and CBRE are advising on the sale of the building. Beltane and TPG Angelo Gordon completed the letting of all 75,000 square feet of offices to Swiss bank UBP last year, on a 10-year lease for the property. Union Bancaire Privée is a private bank and wealth management firm headquartered in Geneva and one of the largest private banks in Switzerland.
Beltane and TPG Angelo Gordon gained planning permission for the redevelopment and extensive refurbishment of the building, a former headquarters of the BHS retail chain, in 2021. The scheme, designed by Fletcher Priest Architects, proposed 75,000 square feet of offices and introduced three additional storeys on a 1960s extension and terraces with urban greening.
The duo bought the building at 129-137 Marylebone Road for £48.5 million, reflecting a price of £778 per square foot, in April 2000 from Aprirose. The 62,314-square-foot office building was vacated by Philip Green's Arcadia Group retail empire, which collapsed into administration in December 2000. The building was sold as a major repositioning opportunity, with Aprirose having bought it the prior year for a price understood to be in the region of £44 million.
The building had been one of the two London headquarters of retailer BHS, which collapsed into administration in 2016 with a loss of more than 11,000 jobs.