Financial occupiers this week signed for nearly 200,000 sq ft of grade-A office space in the West End.
The largest completion was a 56,000 sq ft, 15-year letting to Jupiter Asset Management at Land Securities’ Zig Zag Building, SW1.
Elsewhere, Ontario Teachers’ Pension Plan is understood to have gone under offer to take the 18,535 sq ft second floor at British Land’s 10 Portman Square. Advised by Martin Levy, it will pay around £90 per sq ft.
At Park House on Oxford Street, Nobel Group is looking closely at 36,000 sq ft. It would pay REM – a joint venture between the state of Qatar, Qatar National Bank and the Sellar family – about£85 per sq ft.
It would be the second office letting at Park House in a matter of weeks after a year of stagnation.
Bridges Ventures, advised by Gale Priggen, has also completed a deal with the Portman Estate to take all of its 8,235 sq ft former headquarters at 38 Seymour Street on a 15-year lease, paying an average of £63 per sq ft.
The finance sector makes up 24% of 5.1m sq ft of West End office demand, according to Strutt & Parker. Availability is 3.3m sq ft.
JLL and Knight Frank are acting for BL and LandSec; GN2 and Colliers International represented the Portman Estate; LEVY Real Estate and Marshall Hutton are advising Nobel; CBRE, GVA and KF are letting agents on Park House.
joanna.bourke@estatesgazette.com
