Saatchi & Saatchi owner Publicis is preparing to launch a search for as much as 200,000 sq ft of West End space.
The media group will be looking at a number of options, which could include taking one building to house both subsidiaries, or separate properties.
It is expected to target locations favoured by media companies, including King’s Cross, Noho and Paddington, and will be looking to pay rents around £40 per sq ft.
The relocation must be completed by 2013.
The requirement will be a boost for a subdued West End market, which has laboured under a noticeable slowdown in demand this quarter as occupiers put property decisions on hold.
Publicis is currently based in two neighbouring offices on Baker Street, W1. It leases a 35,000 sq ft headquarters at 82 Baker Street, and an 18,000 sq ft block at 84-86 Baker Street.
Saatchi & Saatchi, which the French group bought in 2000, has around 160,000 sq ft on Whitfield Street and Charlotte Street, both W1. It has a lease break in 2013.
The move will pave the way for landlord Derwent London to include Saatchi & Saatchi’s Whitfield Street headquarters in its mini-masterplan to regenerate its 1m sq ft Fitzrovia estate. It appointed architect MAKE to draw up plans in November 2009. Derwent owns 30 buildings on the estate.
Niche agent Teacher Marks has historically worked with Publicis but a number of agents, including CB Richard Ellis and Jones Lang LaSalle, have pitched to advise on this potential new requirement.
The list has been whittled down to Cushman & Wakefield and Knight Frank. A decision is expected imminently.
Media movers
Media companies have been behind some of the largest West End transactions this year. In Q1, Aegis Group took 117,000 sq ft at British Land’s Regent’s Place, NW1.
