Fashion chain Ted Baker has found a new global headquarters in the heart of Fitzrovia.
The brand has taken a 10-year lease on 30,000 sq ft at 101 on Cleveland, W1, paying landlord Westminster City Council £30.33 per sq ft. It expects to move in next summer.
The annual rent for the new HQ will be just under £1m, a considerable saving on the £3.25m it was paying for its previous HQ, known as the Ugly Brown Building, NW1.
In June 2020, Ted Baker completed the sale and leaseback of its long-time global HQ with the British Airways pension fund for £78.75m. The deal included a short-term leaseback until 31 March 2023.
The new HQ, with its high ceilings and distinctive flatiron shape, is already being referred to by Ted Baker as the Gorgeous Brown Building.
Boss Rachel Osborne said: “Having spent more than 20 years in the Ugly Brown Building, it will be invigorating to be in our new site in Fitzrovia. Times have changed, as have our ways of working, and our brand has a refreshed personality and energy, which will be perfectly reflected in the Gorgeous Brown Building.”
Hanover Green advised the landlord, while JLL acted for Ted Baker.
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