British Land has agreed to a 10 year lease on the 6th floor of Marble Arch House. Although the annual rent remains undisclosed, market reports indicate that it is close to £80 / square feet.
British Land plc has announced that Access Industries UK Ltd will be leasing the sixth floor of Marble Arch House.
The industrial conglomerate is to become the second tenant to move into British Land’s new West End office rental.
Marble Arch House is located at the corner of Edgware Road and Seymour Street, just to the north of Hyde Park and the Marble Arch monument. Although the rent on the 10 year lease remains undisclosed, quoted rents for the property are in the region of £80 / sq ft.
Built by McLaren Construction, Marble Arch House offers 61,200 sq ft of W1 office space spread over 7 levels. Access Industries will occupy a 4,500 sq ft office near the top floor and begin relocating its staff from its current UK head office in Kensington Church Street.
Access Industries owns a wide portfolio of assets, including Warner Music Group, which was acquired in 2011. As a result, executives from Access Industries have been based at The Warner Building, the record company’s Kensington HQ.
The investment group also operates from offices in Moscow and New York, and will shortly join Fulcrum Asset Management who has already signed a lease for 9,000 sq ft within Marble Arch House.
Commenting on the latest transaction, James Danby of British Land expressed his delight in welcoming "another high-calibre occupier tenant to Marble Arch House."
Danby highlighted the significant demand for the property and asserted that it was "testament to the quality of the space and the desirable location on the edge of Mayfair.”