American natural gas exporter Cheniere Energy is in exclusive talks to take the top two floors at Park House, W1, in a remarkable turnaround for the £500m Oxford Street scheme.
The 32,000 sq ft deal, the scheme’s largest to date, will fill the most prestigious space in the block’s 165,500 sq ft of offices and takes it to 75% let. A term of more than 10 years has been agreed.
The move also represents a major expansion for Cheniere Energy, which currently occupies 10,000 sq ft at Berkeley Square House, W1, where its leases run until 2022.
The 500,000 sq ft Park House was completed by Land Securities in 2012 and is now owned by the State of Qatar and asset managed by REM, in which Irvine Sellar is an investor.
At the beginning of 2015 just 22,215 sq ft had been let, to hedge fund Elliott Advisors.
Lettings in the past few months include private equity firm TPG taking 27,117 sq ft on the fifth floor for its EMEA headquarters, and New York fitness firm Equinox is expected to take 28,000 sq ft on floor two for its second London location.
Sports media rights group MP & Silva has also signed for 15,000 sq ft on the fourth floor.
Rents at the block are between £85 and £95 per sq ft, with Cheniere Energy paying towards the upper end of the scale.
The residential element and 87,700 sq ft of shops are fully let. Retail occupiers include Links of London, Folli Follie, Zara, River Island and Swarovski.
GVA, CBRE and Knight Frank are office agents on the block; Colliers advised Cheniere Energy.
A spokesperson for REM said: “We do not comment on market speculation. However, we do have substantial interest in the remaining floors, and are in discussions with a number of parties to join Elliott Advisors, TPG and MP & Silva in relocating their London offices to Park House.”
