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Transport for London (TFL) has several locations throughout London, and according to the Estates Gazette, it is now on the lookout for 150,000 square feet of office space on the South Bank – possibly to replace its current flagship office block at 55 Broadway, SW1, although this being 500,000 square feet, the move would mean a considerable downsize.
One of TFL’s other locations, at the Palestra Building on Blackfriars Road, constitutes 300,000 square feet, the lease of which has recently been renegotiated until 2036 following the transfer of ownership of the building from Royal London Asset Management to DEKA, a German fund.
Sally Brough, Associate Director of Morgan Pryce, comments, “If 55 Broadway does come on to the market, investors may well be keen to take it on as its art deco design is ripe for conversion to residential property.”
The property, at St James’ Tube station, was built in the 1920s, and at the time of construction was the tallest building in London. Contemporary artists such as Henry Moore and Jacob Epstein were invited to add stone sculptures to decorate the building and these can still be seen today.
Morgan Pryce is 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.