Jones Lang LaSalle (JLL) has lost out on the joint agency appointment for Development Securities’ and Morley Fund Management’s second phase of development at PaddingtonCentral.
Savills, which was joint agent with JLL on the first phase of the £700m mixed-use development, has been retained. But JLL has been replaced by CB Richard Ellis (CBRE).
The agents will be marketing a 250,000 sq ft office building, which forms the first part of the second phase.
DevSec expects to place the construction contract for this building in the summer of 2005.
Further offices, a hotel and retail space are envisaged to complete the second phase.
Joint managing director of DevSec, Julian Barwick, said: “The marketing team of JLL and Savills performed extremely well on PaddingtonCentral’s first phase, and we are delighted to have some blue chip occupiers.
“It was an extremely difficult decision to select the new team and they have a hard act to follow.”
Savills has advised DevSec since purchasing the site and CB Richard Ellis is advisor to Morley Fund Management, which bought Equitable Life’s interest in the remaining phases in November.
The office element of the first phase at PaddingtonCentral is fully let to occupiers including Prudential, Chiltern and Kingfisher.
References: EGi News 01/04/05
