A property owned by a Russian auction house is close to securing Mayfair’s highest office rent.
Indian natural resources firm Vedanta is understood to be under offer to take 8,000 sq ft on one of the upper floors in Mercury Group’s 30 Berkeley Square, W1. The rent being proposed is £135 per sq ft.
The deal, at a particularly high annualised rent of £1.08m owing to the size of the letting, is the largest rent per sq ft ever paid in Mayfair, according to EG data.
In the past, St James’s has seen the lion’s share of record rents, with the highest rent paid per sq ft £190 by an undisclosed tenant at 8 St James’s Square, SW1.
There have been three lettings in the St James’s submarket where annualised rents beat the rent being paid by Vedanta – SG Hambros Bank pays nearly £3m on its premises at 8 St James’s Square.
30 Berkeley Square is mostly let to Phillips, formally known as Phillips de Pury, an auctioneer that is a subsidiary of Mercury.
Vedanta is relocating from offices on Hill Street, W1.
CBRE and Pilcher Hershman are letting 30 Berkeley Square.
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