GAM Holding has completed a deal to set up a new London headquarters at Mitsubishi Estate’s 8 Finsbury Circus, EC2.
The Swiss asset management firm has taken 42,300 sq ft at the 169,500 sq ft building, where quoting rents start at £67.50 per sq ft for the lower floors.
GAM will occupy the first and second floors, and part of the ground floor, on a 15-year lease.
The deal will mean that 8 Finsbury Circus is 90% let, with just part of the third floor, totalling 12,000 sq ft, available.
The deal is a welcome boost to the City office market, with GAM consolidating three offices in St James’s. Moving from the West End is a common theme for the building, with investment manager Rathbone moving to 8 Finsbury Circus from its former Curzon Street home last year.
GAM group chief executive Alexander Friedman said: “I am pleased that we have found a world-class building to bring all of our London-based teams together, promoting greater communication and collaboration in a modern working environment.”
In addition to GAM and Rathbone, other occupiers at the scheme include CRA International – also known as Charles River Associates – and Wright & Bell, which operates a restaurant, café and patisserie on the ground and lower ground floors.
Yuichiro Shioda, managing director and chief executive of Mitsubishi Estate London, said: “GAM’s decision to move its London offices to 8 Finsbury Circus not only underlines the high-quality accommodation on offer but also the continued popularity of the City as a commercial centre.
“To attract a firm such as GAM from the West End highlights the changing occupier dynamics in the central London office market, and the continuing importance of the right property in the right location.”
As at 30 September, Zurich-headquartered GAM had $153.3bn (£117bn) of assets under management.
Stanhope is the development manager on 8 Finsbury Circus. CBRE and Cushman & Wakefield acted on behalf of Mitsubishi Estate London; Knight Frank advised GAM.
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