New office deal agreed in Mayfair

KMPG has just agreed the pre-let of the new Grosvenor building in London’s Mayfair. This deal represents the highest rent achieved since Temasek, a Singaporean company who paid £130 psf for the top two floors at 23 King Street in September when they took 8,400 sq. ft. of space from the Standard Life Investment Portfolio. 

KPMG has taken 40,000 sq. ft. of space on a new 15 year lease with 9 months of work still to take place. Ahmed Al-Ansari, Media Manager at Morgan Pryce believes this deal shows a number of important points; ‘’firstly it again emphasises how important a business district Mayfair still is to large corporations, as large occupiers still look to have some sort of presence there. Secondly a pre-let of this size also again emphasises exactly how tight the market is with more and more larger occupiers looking to pre let space simply due to lack of supply and therefore surging rents’’. 

Ares Management was the last pre let in Mayfair of this size when they acquired 30,000 sq. ft. of space at the Exemplar Properties W1 back in January with a rent of £100psf.

KPMG are planning on using this space as their client facing side for mainly their international clientele. They currently have space in Canary Wharfs 15 Canada Square and in 8 Salisbury Square in the City, however they have now since agreed to move their City presence to Canary Wharf from 2015 for a further 200,000 sq. ft. in 30 North Colonnade.

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.