Bookmaker Paddy Power has placed its bet on a relocation to Sydney & London Properties’ 1 Euston Square, NW1.
The Dublin-based company has signed a prelet for almost all of the top two floors, which total 15,668 sq ft, at the 14-storey office block.
A 10-year lease with a five-year break option has been agreed. Quoting rents for the space at the 55,000 sq ft development are £45 per sq ft.
Paddy Power instructed Colliers International to find it up to 20,000 sq ft for a new London HQ last July. It had been keen on space at the Shard, SE1, but this was deemed unsuitable by the tower’s Qatari owners.
Meanwhile, in W1, the UK arm of hedge fund billionaire Paul Singer’s Elliott Management, Elliott Advisors (UK), is understood to have shortlisted the top floor of Qatar National Bank’s Park House as the preferred option for its new headquarters.
The 163,000 sq ft office building is launching next month.
Market sources suggest rents in excess of £90 per sq ft will be achieved.
Edward Charles & Partners and Lambert Smith Hampton are agents on 1 Euston Square; Knight Frank advises Elliott Management.
joanna.bourke@estatesgazette.com
