Savills’ 20 Grosvenor Hill, W1 offices will be transformed into space for Gagosian Gallery, as tipped by Estates Gazette last year.
The gallery has signed a 20-year lease with the landlord, the Grosvenor Estate, for 22,000 sq ft at the building, which will be redeveloped.
Gagosian began looking at the property in August 2012, and the rent is line with the gallery market in Mayfair.
All Savills staff will have vacated the property by August, and will have relocated to Great Portland Estates’ redevelopment of Marcol House, 33 Margaret Street, W1.
Gary Waterston, director at Gagosian London, said: “Larry Gagosian has long expressed the desire for expansion in central London with a large Mayfair space, and our patience has been rewarded with this exciting opportunity to create a gallery with scale and scope in such an ideal location.”
Will Bax, director of Grosvenor Mayfair, added: “The arrival of Gagosian will enhance and update the artistic heritage of Grosvenor Hill and will help foster a vibrant place for people to live, work and visit.”
Simon Korn represented Gagosian; Knight Frank advised Grosvenor.
joanna.bourke@estatesgazette.com
