Jones Lang LaSalle will lose £200,000 pa in fee income in May 2004 when day-to-day management of Mayfair’s biggest office building transfers to GVA Grimley.
GVA has been appointed by asset manager Lancer Property Asset Management to manage the 360,000 sq ft (33,444 sq m) Berkeley Square House (pictured), which makes up a third of the Berkeley Square estate.
Lancer advises landlord Berkeley Square Holdings, a holding company of the owners of the estate – the Abu Dhabi royal family.
Through its acquisition of Saxon Law, GVA Grimley already manages the remainder of the 1m sq ft (92,900 sq m) estate.
John Kevill, partner at GVA Grimley and director of Lancer Property Asset Management, said: “The change in management forms part of a broader strategy that will effectively complete the integration of Berkeley Square House into the wider estate.”
The nine-floor building, which has more than 50 tenants, will be extensively refurbished over the next five years.
References: EGi News 20/02/04
