Christie’s Education has agreed to rent 42 Portland Place, W1, from the Howard de Walden Estate.
The higher education provider has taken a 10-year lease on the 7,240 sq ft Grade II listed building at an initial rent of £500,000 per year, representing £66.17 per sq ft and subject to a nine-month rent-free period.
Jane Hay, international managing director at Christie’s Education, said: “This new location will be a wonderful environment for those seeking entry to a career in the art world who are beginning their journey with us.”
Simon Baynham, property director at the Howard de Walden Estate, added: “There is a synergy between the historic building and the cultural use of an adult educational school specialising in furniture, art, sculpture and other antiquities. We believe that Christie’s presence will be extremely complementary to the area.”
“In recent years, we have seen a noticeable increase in interest from prospective tenants from educational institutions.”
The estate acted on its own behalf and Christie’s Education was represented by AGL London Retail and Leisure Property.
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