Key Takeaways
- • Ares Management acquired the Copyright Building at 30 Berners Street in London's Fitzrovia for £160 million ($216 million), purchasing at a slight discount to Union Investment's 2017 acquisition price.
- • Netflix occupies the entire 106,000-square-foot building through a sublease arrangement with Capita Business Services, the registered tenant, positioning the asset as a high-quality Central London office property with a creditworthy occupant.
- • The transaction reflects Ares' strategic thesis on well-located Central London assets benefiting from rising rents and occupancy recovery, following recent acquisitions of 101 New Cavendish Street and 45 Pall Mall in the West End.
- • Central London commercial real estate volumes have rebounded significantly, with last quarter recording 68 transactions totaling £3.31 billion and full-year 2025 trading volume reaching £9.76 billion—a 61% year-over-year increase and above the five-year annual average.
- • Large institutional capital is returning to London office properties as debt markets stabilize and pricing expectations converge, exemplified by comparable trades including Hines' £195 million West End sale to Allwyn Entertainments.
Summary
Ares Management has completed the acquisition of the Copyright Building at 30 Berners Street in London's Fitzrovia district for approximately £160 million ($216 million), according to Bloomberg. The purchase from German fund manager Union Investment represents a strategic entry into London's recovering office market at a discount to Union Investment's 2017 acquisition price. The building, which comprises approximately 106,000 square feet, serves as Netflix's London headquarters through a sublease arrangement with Capita Business Services, the registered primary tenant.
The transaction underscores Ares' conviction in Central London's office market recovery. An Ares executive stated: "We believe the acquisition of the Copyright Building is consistent with our thesis focused on high-quality, well-located assets benefiting from the powerful rental growth we have seen in many of the Central London sub-markets." The acquisition follows recent Ares purchases of 101 New Cavendish Street and 45 Pall Mall in London's West End, demonstrating the alternative investment manager's consistent positioning in premium London office assets as landlords capitalize on rising rental rates and occupancy stabilization.
Central London commercial real estate markets have experienced a notable inflection point. After several years of subdued activity following interest rate increases and post-pandemic dislocation, liquidity has rebounded substantially. According to Cushman & Wakefield data, the final quarter of 2025 saw 68 Central London commercial transactions valued at £3.31 billion, while full-year trading volume reached £9.76 billion—a 61% increase year-over-year and slightly above the five-year annual average. Transactions exceeding £100 million, which had been scarce during the market downturn, are reappearing as debt market conditions normalize and pricing expectations between buyers and sellers converge.
The Ares transaction is part of a broader trend of institutional capital returning to London office. Last week, Hines closed a £195 million sale of a prime West End mixed-use property to U.K. National Lottery operator Allwyn Entertainments, demonstrating institutional appetite for high-quality, well-tenanted London assets. The Copyright Building acquisition aligns with this market dynamic, positioning Ares to benefit from sustained rental growth in Central London's competitive office submarkets while maintaining a creditworthy occupancy profile through Netflix's sublease commitment.
The transaction underscores Ares' conviction in Central London's office market recovery. An Ares executive stated: "We believe the acquisition of the Copyright Building is consistent with our thesis focused on high-quality, well-located assets benefiting from the powerful rental growth we have seen in many of the Central London sub-markets." The acquisition follows recent Ares purchases of 101 New Cavendish Street and 45 Pall Mall in London's West End, demonstrating the alternative investment manager's consistent positioning in premium London office assets as landlords capitalize on rising rental rates and occupancy stabilization.
Central London commercial real estate markets have experienced a notable inflection point. After several years of subdued activity following interest rate increases and post-pandemic dislocation, liquidity has rebounded substantially. According to Cushman & Wakefield data, the final quarter of 2025 saw 68 Central London commercial transactions valued at £3.31 billion, while full-year trading volume reached £9.76 billion—a 61% increase year-over-year and slightly above the five-year annual average. Transactions exceeding £100 million, which had been scarce during the market downturn, are reappearing as debt market conditions normalize and pricing expectations between buyers and sellers converge.
The Ares transaction is part of a broader trend of institutional capital returning to London office. Last week, Hines closed a £195 million sale of a prime West End mixed-use property to U.K. National Lottery operator Allwyn Entertainments, demonstrating institutional appetite for high-quality, well-tenanted London assets. The Copyright Building acquisition aligns with this market dynamic, positioning Ares to benefit from sustained rental growth in Central London's competitive office submarkets while maintaining a creditworthy occupancy profile through Netflix's sublease commitment.
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