Ares Management has confirmed it has prelet 124,000 square feet of offices at The Crown Estate’s One Hanover Street redevelopment in a deal that marks the biggest leasing transaction in London’s West End last year.
JLL and BCLP were mandated by The Crown Estate, while CBRE and Fladgate acted for Ares Management. Savills was appointed as development manager for the scheme by The Crown Estate, with Wates as the contractor.
The transaction, which was the largest deal in the West End by both size and rent roll last year, is the third biggest deal since records began in the core Mayfair and St James’ submarkets, according to research from JLL. It also takes the title of biggest deal in the core West End market in the last two years.
The deal confirms a CoStar News exclusive from August 2025, which tipped the Los Angeles-headquartered global alternative investment manager as the occupier under offer on the redevelopment. Ares appointed CBRE to lead the company’s search for new office space in the West End and was first reported to be eyeing the building in December 2024.
The site is within the Regent Street Partnership, a joint venture with Norges Bank Investment Management, and is undergoing extensive refurbishment, with the Orms Architects-designed scheme expected to complete by Q1 2027. It will include a rooftop pavilion, seventh floor terrace and six levels above the Apple store on Regent Street.
Ares Management occupies 39,000 square feet at The Crown Estate’s office building 10 New Burlington Street.
Kristy Lansdown, managing director for development at The Crown Estate, said in a statement: “One Hanover Street marks the latest step on our journey to reinvigorate our portfolio across the West End, with an ambitious vision that looks at the entire area.
“Our development pipeline will reposition heritage assets in this famous epicentre of the Capital to create market-leading, modern, sustainable workspace. At the same time, we are working in partnership with Westminster City Council to reimagine the area’s public realm – creating a welcoming, accessible and resilient place that benefits workers, visitors and residents alike. Together, this reflects our key approach for this historic part of London; to invest in the area as a whole and deliver world-class places that work for all those who interact with it today and well into the future.”
Charles Owen, head of portfolio management, Regent Street at The Crown Estate, said: “The letting at One Hanover Street to Ares is a landmark deal for The Crown Estate and one of the most significant leases in the West End office market, demonstrating the enduring strength of demand for high-quality office space in prime locations.
“We believe this long-term commitment by Ares is testament to our reputation for curating high-quality workspaces that evolve with occupier needs, as part of Regent Street’s global appeal.”
The landlord also plans to improve the sustainability credentials of the building through making the building fossil fuel free and reducing its operational carbon.
One Hanover Street is part of The Crown Estate’s West End redevelopment pipeline alongside sites such as New Zealand House and 10 Spring Gardens both of which are expected to complete later this year and 33-35 Piccadilly, where work is underway.
