King & Wood Mallesons has advised London Executive Offices (LEO), the capital’s most exclusive provider of luxury office accommodation and high quality serviced office space, on the letting of The Sugar Building, located next to St Paul's Cathedral, from Lord Sugar’s privately owned real estate vehicle, Amsprop.

LEO, which is owned by Queensgate Investments, headed by Jason Kow, boasts a premium portfolio of prime office space in first-class central London locations, including 24 Berkeley Square, 33 St James’s Square and 78-79 Pall Mall, with 31 assets in total. The portfolio has been assembled over the past 18 years and is made up of owned, leased and managed buildings.

With 360 degree views over the city, the Sugar Building at 5 Cheapside stands on a prominent island site, adjacent to Paternoster Square. LEO plans to rename the 40,126 sq ft building and create five star serviced office accommodation, with a contemporary fit out and floor to ceiling glazing, overlooking the dome of St Paul’s Cathedral and the capital’s skyline. LEO now anchors both ends of Cheapside, with their facility at One Cornhill.

This iconic office building, which has been acquired by LEO on a 15 year lease, will boost the LEO portfolio to circa 700,000 sq ft. The company plans to make the offices available for occupancy from November 2015.

Jeremy Brooks, Real Estate partner at King & Wood Mallesons, said: “This is a very significant deal for London Executive Offices and secures a flagship site in the heart of the City. The company continues to consolidate their position as the capital's most exclusive serviced office providers, at a time when high quality serviced office accommodation is becoming increasingly attractive, as a flexible option for occupiers.”

King & Wood Mallesons acted as lead adviser on all aspects of the deal for LEO. The team was led by Real Estate partner Jeremy Brooks and assisted by managing associate Danielle Pillai.