BRITISH Land has sold off half of its stake in one of London's most notable office buildings six months after its famous former tenant upped and left.

The asset manager Royal London will take a 50 per cent stake in the Eustonbased 1 Triton Square project for £192.5m, creating a joint venture with British Land.

This sum is in addition to the £149m surrender premium already received from Facebook-owner Meta, which exited its contract in September last year in the latest sign of large corporates cutting back on workspace amid the post-pandemic boom in hybrid working.

The project will see the site, valued at £385m at the closing of the deal, turned into a hybrid science and technology facility with labs and various types of serviced office space throughout.

The 370,000 sq ft 1 Triton Square building is located in the heart of the Regent's Place campus within London's so-called 'Knowledge Quarter', home to leading research institutions including The Francis Crick Institute, The Wellcome Trust, The Alan Turing Institute and University College London.

(c) 2024 City A.M., source Newspaper