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Savills, the international real estate advisory group, has revealed plans to relocate employees operating out of its offices in the West End of London citing a need for future expansion.
A letting agreement has been reached to that effect between the company and its prospective landlord Portland Estates, with Savills staff set to start working from 33 Margaret Street in the West End from “early 2013”.
The building will become the advisory’s new London headquarters and effect a consolidation of its offices in the West End which are currently located at two separate sites at Landsdowne House and Grosvenor Hill respectively.
Plans are in place for Savills’ staff to occupy the first five floors of the ear-marked Margaret Street building, which will cover a total of roughly 64,000 sq ft of central London office space. Prices agreed were not revealed but London’s West End is among the most expensive office rental markets in the world.
“This pre-letting of 33 Margaret Street is a strong expression of confidence in the growth of the Savills business going forward and in London as a global financial centre,” said Jeremy Helsby, Savills chief executive.
“This move will provide Savills with an exciting new London headquarters building for the future benefit of both our staff and our clients.”
Founded in London and listed on the London Stock Exchange, Savills has offices in countries right across the Americas, Europe, Asia, the Middle East and throughout the UK.
Earlier this month, the pension and investment advisory group Punter Southall announced its plans to consolidate three existing central London offices into a single, newly-refurbished area of 35,000 sqft on the Strand.