Savills will relocate their West End teams from Lansdowne House and Grosvenor Hill in Mayfair into a single London headquarters. Savills will complete the move to Margaret Street office space in early 2013.
The prime Noho office rental has been developed by Great Portland Estates (GPE) to provide a total of the 102,291 sq ft of West End office space to let just north of Oxford Street. GPE acquired the development site from Dubai World in November 2009. BFLS architects have designed a scheme that knits together the Edwardian facade of Marcol House on Regent Street, with a modern redevelopment along Margaret Street.
Construction is expected to be completed in October 2012. The international property consultants will occupy a total 64,142 sq ft split up into five separate 25 year leases, in order to allow for further expansion or contraction in the firm’s space requirements. The agent will initially pay an annual rent of £4.4m, equating to an average of £68.60 / sq ft, but has negotiated a 30 month rent free incentive.
The pre-letting leaves over 31,000 sq ft of W1 office space available spread over the fifth, sixth and seventh floor. There is an option in place until June 2012 that will allow Savills to rent more if they require it.
Toby Courtauld, chief executive of GPE, said: “We are delighted to welcome Savills to 33 Margaret Street ...and we look forward to working with the Savills team to create their new London headquarters”
Savills, CEO Jeremy Helsby, noted that: “This pre-letting of 33 Margaret Street is a strong expression of confidence in the Savills business going forward and in London as a global financial centre."