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A hedge fund has leased office space in London’s prestigious Savile Row for rent approaching GBP 100 per square foot, it has been reported.
York Capital Management is renting office space at 23 Savile Row at GBP 97.50 per square foot.
The hedge fund has signed a ten-year lease agreement on an office suite of 7,610 square feet. It is understood that the lease agreement includes free rent for 12 months. The annual rent will come to GBP 741,917.
Located in the centre of Mayfair, 23 Savile Row has seven stories and has a total of 100,000 square feet of office space. The largest floor spaces are up to 16,500 square feet and can accommodate 200 people.
It has been reported that the landlord of the building, D2 Private, is aiming to rent the rest of the 25,000 square feet of vacant space in the building for more than GBP 100 per square foot.
D2 Private also own Waterside, Paddington Basin and Woolgate Exchange in the City of London.
In 2007 the landlord stated that it had achieved the highest ever rental price for office space in the world at 12 St James’s Square when it rented 7,289 square feet for GBP 140 per square foot.
Mayfair has become a favoured location for hedge funds, private banks and wealth managers to base themselves.
A recent report from real estate agents King Sturge found that office space in London’s West End was the most expensive in the world.
Hedge fund Rhone Capital recently leased offices in 40 Bruton Street for GBP 100 per square foot.
While this is far above average office space rents for London, recent research has predicted that overall rents in the capital are to rise due to a higher demand for Grade A office space.