Property Merchant Group (PMG) and Morley Fund Management have let their 25 Maddox Street, London, W1 development to three tenants at what they claim is a new rental record for the immediate locality.
The joint venture completed a 26,000 sq ft redevelopment in November 2006. The building has been let to three parties:
Aladdin Capital Management has taken 4,633 sq ft on the first floor on a ten year lease at a rent of £87.50 per sq ft. HNG advised Aladdin Capital Management.
Publishing group Condé Nast has taken 16,688 sq ft on the second, fourth, fifth and sixth floors on a ten year lease, with the fifth and sixth floors achieving a rent of £90 per sq ft, the fourth floor achieving a rent of £80 per sq ft and the second floor achieving a rent of £87.50 per sq ft.
Pilcher Hershman & Partners advised Condé Nast.
Construction group Carillion has taken 4,674 sq ft on the third floor on a ten year lease at a rent of £87.78 per sq ft.
JV Property advised Carillion.
Strutt & Parker and Teacher Marks advised PMG and Morley Fund Management.
