Engineering consultant Arup has sold its London head office for £98.5 million to Workspace.

The building is located at 13-17 Fitzroy Street in the centre of Fitzrovia.

The deal is part of Arup's relocation plans and the lease provides for their early exit with effect from September 2020, with a rolling nine-month break option.

Workspace said it will redevelop the building as a multi-let business centre, as the floor plates are ideally laid out for the creation of different sized units around a central atrium, which offers natural light throughout the building.

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Jamie Hopkins, Chief Executive Officer of Workspace, said: "This is a really exciting purchase for Workspace, giving us a presence in an attractive location with a building ideally suited to our operational model.

"The transaction emphasises our commitment to expand further through targeted acquisitions, adding to our existing pipeline of refurbishment and redevelopment projects, to deliver superior value and returns to shareholders over the long-term."

(LM/MH)