Lazard has signed to take 142,000 sq ft (13,192 sq m) in Burford’s Mayfair Place development in the biggest letting in the West End for two years.
Steven Lewis of Burford said: “We believe it is the first time a blue-chip investment bank has moved its headquarters from the City to the West End.”
Lazard will take over Scient and 360network’s space, totalling 71,000 sq ft (6,596 sq m) at Berkeley Street, and the last un-let space in the development, 71,000 sq ft in Stratton Street.
Burford will pay half the £1m cost of linking the two buildings by bridge.
The bank will pay £75 per sq ft (£807 per sq m) overall and will get a year rent free. The lease is for 20 years with no breaks.
Although 360network had agreed to pay £85 per sq ft (£915 per sq m), Lewis pointed out that this was for a small (16,000 sq ft) amount of space and added: “The West End market hasn’t softened as much as people say for top-quality space.”
Nick Leslau advised Lazard. Jones Lang LaSalle and Edward Charles & Partners acted for Burford.
EGi News 27/06/02
