One of the most significant deals in London’s West End has finally completed, ending months of speculation.
British Telecommunications has signed up for Prudential’s 30 Berkeley Square on a 15-year lease at a rent believed to be just under £538.21 per sq m (£50 per sq ft) for the best space.
The communications giant intends to use the 4,570 sq m (49,180 sq ft) building as the headquarters of Concert, its new name following its proposed merger with US telecommunications company MCI.
In August, Prudential and letting agent Chesterton gave BT a month to finalise the deal at 30 Berkeley Square. There had been speculation that the merger with MCI was on the rocks because the US company issued an £800m profits warning.
Pru launched 30 Berkeley Square last February at a quoting rent of £2.65m pa – £580 per sq m (£53.40 per sq ft). This figure would have set a new record West End rent.
Jones Lang Wootton acted for BT and Chesterton was the letting agent.
EGi News 16/09/97
