Crosstree snaps up Argyll in 
£330M London takeover

Crosstree - the London real estate heavyweight, has sealed a headline £330M acquisition of Argyll, securing one of London’s most premium flex operators. The deal sees sellers Alpine Grove Partners and The Baupost Group part with a prized 25-asset portfolio, spanning some of the City's most prestigious addresses. The collection blends Grade II-listed landmarks with sleek, contemporary office environments across the City core and West End. 

Among the standout assets in the agreement: 1 Cornhill opposite the Bank of England, 33 St James’s Square, 85 Gresham Street, and 78–79 Pall Mall - all of which have long been cornerstones of Argyll’s high-end brand. 

The move marks a pivotal moment for Crosstree as it deepens its presence in the flexible office market - a sector seeing sustained demand for premium, well-positioned workspace. Nick Lyle, founding partner at Crosstree, called Argyll a “market-leading platform” and emphasised the appeal of its high-quality assets, seasoned management team, and proven resilience across 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", Lyle comments.

Argyll - formerly known as London Executive Offices (LEO) - has seen its fair share of reinventions. Most recently, it was acquired out of a 2021 restructuring by Alpine Grove (a returning owner) and The Baupost Group, who spearheaded a brand reset and worked to stabilise operations, restructure leases, and refurbish key assets under the leadership of CEO John Drover.

Since then, the brand has passed through several hands - including Queensgate Investments and Celvam. In 2018, the business was relaunched as “The Argyll Club” with a £10 million investment aimed at elevating its 38-strong building portfolio and securing its spot at the top of London’s flexible office scene.

Now under new ownership and with a sharpened strategic focus, Argyll is poised for its next chapter - with Crosstree expected to enhance the existing portfolio while actively exploring new acquisition opportunities. The deal - advised by JLL for Crosstree, with Eastdil Secured and Evercore acting for Alpine and Baupost - reinforces a post-pandemic trend that shows no sign of slowing: institutional capital moving into the flex space with clarity, conviction, and long-term intent.

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