Advertising agency Abbott Mead Vickers is to take an assignment of Grand Metropolitan’s lease on 151 Marylebone Road, NW1, ending a three-year search, writes David Mann of EGi.
Grand Metropolitan subsidiary IDV had occupied the distinctive 4,646m2 (50,008 sq ft) office building on a 25-year lease from June 1990 at just over £538 per m2 (£50 per sq ft).
The building had been on the market, at a quoting rent of £1.65m pa, since July 1995, when GrandMet relocated to ING’s 8,918m2 (96,000 sq ft) Henrietta House.
The deal is believed to have been sealed by GrandMet agreeing to pay the £1m pa difference for three years until the next rent review.
Conrad Ritblat and Smith Melzack are advising GrandMet. Edward Charles & Partners represented Abbott Mead Vickers.
