The project will be one of the largest lettings in the West End, and will see the redevelopment of 124,000 sq ft of office space above the Apple store on Regent Street, with six levels of new floorspace — including a new rooftop pavilion and seventh floor terrace overlooking the West End.

The Crown Estate has pre-let the entire super-prime office space to Ares Management, a global alternative investment manager and existing customer, which currently occupies 39,000 sq ft within 10 New Burlington Street.

Kristy Lansdown, managing director for development at The Crown Estate, commented: “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.

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“Our development pipeline will reposition heritage assets in this famous epicentre of the capital to create market-leading, modern, sustainable workspace.”

Charles Owen, head of portfolio management of 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 Crown Estate is targeting the first quarter of 2027 to complete the redevelopment, with updates made to the existing plant to remove fossil fuels from the building and reduce its operational carbon.

JLL and BCLP acted on behalf of The Crown Estate, and CBRE and Fladgate acted on behalf of Ares Management.

Savills acts as development manager on behalf of The Crown Estate for One Hanover Street, with Wates as the contractor and Orms Architects as the lead architect.