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Memery Crystal close 2021 with two London real estate transactions
At a glance
Memery Crystal has advised on two notable property transactions for a joint venture including existing client Z. C. Ronogil – the purchase of the Luma Building, a prime, fully let mixed-use development in Clapham with strong sustainability credentials, and also on the sale of The Grimaldi Building, a highly prominent and characterful self-contained office building in Kings Cross.
The BREEAM Excellent Luma building (pictured above left) is a prime, new build freehold office comprising 20,497 sq. ft. (1,904 sq. m.) over lower ground, ground and five upper floors as well as a new build high spec gym unit comprising 5,653 sq. ft. (525 sq. m.) over lower ground and ground floor fronting the Clapham Road. The offices are let to people-services provider Ingeus UK while the gym unit is let to Venture Fitness Limited trading as Jetts.
The Grimaldi Building (pictured above right) was constructed in 1991 and comprehensively refurbished in 2012 to an excellent standard. It is arranged over lower ground, ground and three upper floors and extends to a net internal area of 15,636 sq. ft. The building is located on the edge of the King’s Cross Growth Area, which has been subject to extensive regeneration in recent years.
The Memery Crystal team on this transaction included real estate partner Daniel Abrahams, director Craig Jones and associate Sophie Moonshine; construction senior associate James Ashwin; and planning consultant Claire Saffer. Our client was also represented by Allsop LLP on the purchase of the Luma Building and Burlington Green Partners on the sale of the Grimaldi Building.
Commenting on the deal, Daniel Abrahams said: “We were delighted to have closed 2021 with two successful investment transactions for this client. The acquisition of the Luma building represents a superb prime office and leisure investment in an affluent suburb of South West London, while our client’s business plan included the successful exit from the longer-term ownership of The Grimaldi Building. We look forward to assisting them and other clients as opportunities arise in 2022.”
(Images via LUMA Clapham website and Z. C. Ronogil Investments)
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