Asset management firm GAM has begun a search for a new 70,000 sq ft office to consolidate its London operations. It is planning to move out of its four offices in St James’s, SW1, one of the UK’s most expensive office districts.
The Swiss company has appointed Knight Frank to find the space and it is likely to look in the West End.
With restricted supply available in the area for such a large requirement, it is expected to consider sites outside the West End core, including Land Securities’ Nova schemes in Victoria, SW1, and the King’s Cross Central Partnership’s King’s Cross development, N1.
GAM’s current offices in St James’s comprise 21,108 sq ft at the Crown Estate’s 20 King Street, 12,294 sq ft at M&G Real Estate’s 7-9 St James’s Street and 22,600 sq ft at 63 and 64-65 St James’s Street, which is owned by private investors.
It is paying rents of between £69.50 and £100 per sq ft and has leases which all expire in 2019.
All parties declined to comment.
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