Crosstree Real Estate Partners (“Crosstree”) today announced the acquisition of London-focused premium serviced office business Argyll from Alpine Grove Partners (“Alpine”) and The Baupost Group (“Baupost”). 

Argyll is the leading provider of high-end serviced offices in London, with over 25 years of market experience.  It offers a range of exclusive private offices, co-working spaces, virtual office services and meeting spaces, differentiating itself through its focus on providing a market-leading service provision within exceptional buildings in prestigious locations. 

Argyll operates an unrivalled portfolio of 25 unique assets in prime office locations across London, including a mix of iconic listed buildings and high-quality modern office buildings.  Ten assets within the portfolio are owned outright by the business, primarily located in the West End and City core, including the Grade II listed 33 St James’s Square.   

The business has been successfully stabilised over the last five years under the leadership of CEO, John Drover, and is well positioned for future growth through planned refurbishments within the existing portfolio as well as new site acquisitions. 

Nick Lyle, Founding Partner at Crosstree, commented: “We are excited to acquire a market-leading platform underpinned by best-in-class prime assets with a proven ability to operate through a number of office market cycles.  We look forward to working with the experienced management team to grow the business against the backdrop of a Central London prime office market that has recovered strongly since the end of the pandemic.  We expect continued strong momentum for prime offices driven by further “flight to quality” by occupiers and limited new supply.” 

Crosstree was advised by JLL, and Alpine and Baupost were advised by Eastdil Secured and Evercore.