The Crown Estate unveils One Hanover Street redevelopment with Ares Management as sole tenant

Ares Management to fully occupy the 124,000 sq ft office floorspace in The Crown Estate’s One Hanover Street redevelopment in one of the largest lettings in the West End

The Crown Estate has unveiled details of the latest project in its London development pipeline, One Hanover Street, within the Regent Street Partnership – a longstanding joint venture with Norges Bank Investment Management (NBIM). The project will see the redevelopment of 124,000 sq ft of office space above the iconic Apple store on Regent Street, with six levels of quality new floorspace – including a new rooftop pavilion and seventh floor terrace overlooking the West End.

The Crown Estate has pre-let the entire super-prime office space to Ares Management, a leading global alternative investment manager and existing customer currently occupying 39,000 sq ft within 10 New Burlington Street. The completion of this transaction marks the largest deal in the West End by rent roll and size in 2025, the largest deal in the Core West End Market in the last two years, and the third largest deal ever recorded in the core Mayfair and St James’s submarkets¹.

The landmark letting underscores The Crown Estate’s continued commitment to supporting world-class businesses in the West End through the delivery of high-quality, future-ready workplaces. Reflecting investment by The Crown Estate to strengthen the area’s commercial vitality, this pre-let supports a broader long-term vision to curate a vibrant and resilient destination in the heart of London, with quality commercial spaces underpinned by world-class retail and leisure.

Kristy Lansdown, Managing Director for Development at The Crown Estate, said: “One Hanover Street marks the latest step on our journey to reinvigorate our portfolio across the West End, with an ambitious vision that looks at the entire area.

“Our development pipeline will reposition heritage assets in this famous epicentre of the Capital to create market-leading, modern, sustainable workspace. At the same time, we are working in partnership with Westminster City Council to reimagine the area’s public realm – creating a welcoming, accessible and resilient place that benefits workers, visitors and residents alike. Together, this reflects our key approach for this historic part of London; to invest in the area as a whole and deliver world-class places that work for all those who interact with it today and well into the future.”

Charles Owen, Head of Portfolio Management – Regent Street at The Crown Estate, said: “The letting at One Hanover Street to Ares is a landmark deal for The Crown Estate and one of the most significant leases in the West End office market, demonstrating the enduring strength of demand for high-quality office space in prime locations.

“We believe this long-term commitment by Ares is testament to our reputation for curating high-quality workspaces that evolve with occupier needs, as part of Regent Street’s global appeal.”

The Crown Estate is targeting the first quarter of 2027 to complete the redevelopment, following not only the design and delivery of quality new floorspace, but also a focus on sustainability credentials with extensive upgrades made to the existing plant to remove fossil fuels from the building and reduce its operational carbon.

The redevelopment of One Hanover Street adds to The Crown Estate’s growing pipeline of developments in the West End, with New Zealand House and 10 Spring Gardens due to complete later this year, while work is ongoing at 33-35 Piccadilly.

JLL and BCLP acted on behalf of The Crown Estate, and CBRE and Fladgate acted on behalf of Ares Management. Savills acts as Development Manager on behalf of The Crown Estate for One Hanover Street, with Wates as the contractor and Orms Architects as the Lead Architect.

¹JLL Research