Oil company Amerada Hess have signed up for Land Securities’ office development at 33 Grosvenor Place, SW1. The 190,000-sq ft scheme will be completed by the end of 1992 and the tenants are reportedly paying an initial rent of £50 per sq ft — a figure which agents involved in the deal would neither deny nor confirm.
Amerada currently house their 540 staff at three locations — Stephen Street, Berkeley Square House and Greater London House. Land Securities hold the Grosvenor Place site on a long lease from the Grosvenor Estate. No 33 previously housed British Steel’s headquarters; Land Securities purchased the headleasehold interest from Prudential Pensions six years ago and subsequently the Post Office’s occupational interest. Strutt & Parker acted for the tenants, while Jones Lang Wootton represented the developers.
