The stake has been sold on a preferred equity basis to a vehicle led by Orion Capital Partners.

The building, originally built in 1992, will be comprehensively refurbished to become carbon friendly. This will involve adding new cladding and two additional floors to the site, located at 100 New Bridge Street in London, EC4.

The net internal area of the office space will be 191.1m sq. ft. with 3,592 sq. ft. of retail space on the ground floor.

A 4,400 sq. ft. terrace on the eighth floor of the 10 storey building will provide views over central London.

Simultaneously, Helical and Orion have entered into a development financing agreement with NatWest and an unnamed institutional lender. The former is providing £50m of the £155m facility.

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This venture has also included a building contract being signed with Mace. Construction work has begun, and a completion date of March 2026 is being aimed for.

“We are pleased to be partnering with Orion Capital Managers on the development of this best-in-class, carbon friendly new building, to be completed in Q1 2026 when we anticipate there will be a critical shortage of top quality office space in the City,” said Gerald Kaye, CEO of Helical.

The £55m from the sale will be used to fund Helical’s ongoing development pipeline.

“We continue to believe that there is a window of opportunity in bringing best-in-class, green office space to the city market to capture the pressing tenant demand whilst supply remains constrained,” said Aref Lahham, managing partner of Orion.
 
Helical was advised on the deal by Knight Frank and Clifford Chance. Orion was advised by A&O Sherman.