Blue-chip tenant set to take 130,000 sq ft at Burford’s Mayfair Place
Adam Coffer
Lazards is close to signing up for the biggest letting in the West End for two years.
The blue-chip investment bank is lining up a deal for around 130,000 sq ft at Burford’s Mayfair Place, W1.
The deal will see Lazards take the entire 70,000 sq ft second phase of Burford’s flagship scheme, in Stratton Street. It will also take a new lease on 60,000 sq ft in the first phase in Berkeley Street, which is being vacated by US e-business firm Scient.
The space will become the fund’s European HQ and a source close to negotiations said: “Scient has surrendered its lease instead of assigning it as it had originally planned. Lazards was keen to move its operations from the City to the West End and fought off stiff competition to get the space.”
Lazards will pay an average of more than £70 per sq ft for the two buildings.
US fund manager Capital International, which had been keen to take the space, is now believed to be considering a number of options for a new headquarters.
The former Enron HQ at 40 Grosvenor Place, SW1, is thought to be high on its list, along with Enterprise Oil’s space at Grand Buildings, WC2, which may bec0me available following its takeover by Shell. Capital has not ruled out taking more space at its existing HQ at 90 Long Acre, WC2.
Edward Charles & Partners, which is advising Capital and is joint letting agent on Mayfair Place, declined to comment.
The other agent, Jones Lang LaSalle, and Burford also chose not to comment.
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BSkyB signing in SW1 transmits more good news After three months of the lowest recorded activity in the West End for six years, the area received more good news this week. BSkyB has signed up for the 36,686 sq ft second floor at PA Consulting’s 123 Buckingham Palace Road, SW1. The broadcaster has taken a 15-year lease on the space, at £50 per sq ft, for its new London headquarters. PA Consulting was advised by CB Hillier Parker. Nelson Bakewell advised BSkyB. |
