American Express (Amex) has signed up for about 12,140 sq m (130,538 sq ft) of offices in London and Brighton.
In London, Amex has satisfied its two-year-old requirement by taking more space at Land Securities’ Portland House, near Buckingham Palace, London SW1, where it already occupies offices. According to one source, the group had been keen to take space in Grosvenor Estates’ Grosvenor Place, but was forced out when Enron took the building.
Amex has signed up for six floors totalling 6,132 sq m (66,000 sq ft) with an option on a further two floors. The group took separate 10-year leases on each floor at a total rent of £2.145m (£349.84 per sq m – £32.50 per sq ft) with six months’ rent free. In addition, Amex took 579 sq m (6,235 sq ft) at Glen House, the adjoining property which is also owned by Land Secs. The offices are to house its travel-related services division (TRS).
Cameron McKenna’s Louise Anderson, which negotiated for Amex in London, said the group was likely to take up the option on the two floors.
Meanwhile in Brighton, Amex has signed up for 5,416 sq m (58,300 sq ft) at Threadneedle Property Fund’s Trafalgar Place, next to Brighton railway station. The space is divided between Napier House and Lanchester House.
Amex signed two 15-year leases at £123.79 per sq m (£11.50 per sq ft) with five-yearly reviews and 12 months’ rent free. The letting leaves about 465 sq m (5,000 sq ft) available at Trafalgar Place.
Chesterton acted for Amex in London and Brighton, while Nabarro Nathanson acted for Land Secs. Stiles Harold Williams and Knight Frank represented Threadneedle.
EGi News 05/08/98
