Property: 7 Air Street, W1
The Challenge: Monmouth Dean, after successfully agreeing terms to acquire the 3rd floor of 7 Air Street on behalf of the IFPI, were tasked with subletting a surplus 3,000 sq ft on the floor before completion of the lease.
IFPI (International Federation of the Phonographic Industry) is a non-profit members’ organisation that represents the interests of the recording industry worldwide. Founded in 1933, it has boasted Placido Domingo as its honorary Chairman since 2011. As a non – profit organisation, adhering to budget was key and subletting the extra 3,000 sq ft unit was integral to achieving this.
We were therefore tasked with finding a tenant within a very short timeframe.
7 Air Street, the chosen location for IFPI’s UK Headquarters, forms part of the Crown Estates Regent Street Portfolio. The building was substantially refurbished in 2015 to an exceptional standard as part of their £1 billion investment in the area and was the first listed building to receive BREAM 2011 outstanding. The entire building provided 46,000 sq ft of newly refurbished Grade A office space over 2nd to 7th floors with a communal roof terrace. The 3rd floor measured 8,951 sq ft in total.
The Solution: With an exceptional product to market, Monmouth Dean using their extensive knowledge of the local submarket were able to identify a potential subtenant, NextEV, within a few weeks of marketing. Working closely with the Crown Estate, NextEV and IFPI, Monmouth Dean were able to achieve a near simultaneous completion and subletting.
IFPI were, therefore, within budget and able to create a UK Headquarters befitting of their status in the music industry and NextEV were able to occupy a rare small suite in one of the West End’s best buildings.