LONDON
FLOOR REVIEW
A floor-by-floor analysis of the London office market
Q4 2016
QUARTERLY SUMMARY
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•
•
•
•
•
Strong end to 2016 as take-up rises 18% in Q4
Media & tech firms the most acquisitive occupier sector of the quarter
Take-up in the East jumps 50% in Q4
9.4 million sq ft let during 2016, a 12% drop on 2015
Development supply pushes availability up 5% across London in Q4, but rate remains low at 5.1%
‘Tenant space’ accounts for 20% of all availability in London
22% rise in space under offer as lease negotiations remain protracted
FOURTH QUARTER REVIEW
Q on Q
Y on Y
Take-up
2.5m sq ft
taken-up during Q4, over 449 floors
YTD 9.4m sq ft/1,895 floors
+18% by sq ft
+8% by floors
+10% by sq ft
+6% by floors
Under Offer
+22% by sq ft
+34% by floors
+4% by sq ft
+24% by floors
Supply
9.7m sq ft
available across 1,727 floors
+5% by sq ft
+3% by floors
+100% by sq ft
+96% by floors
West
£110 per sq ft
Mayfair/St James’s prime rent
£120 per sq ft
£125 per sq ft
East
£70 per sq ft
£68.00 per sq ft
2016 was horribly unpredictable: an everchanging political and economic environment
causing businesses to assess every move. Yet
even with that backdrop, and a potentially more
complicated foreground, we are still seeing
occupier activity and a continued attraction to
London. Deals are softer, but take-up continues.
Stephen Peers, Partner
• Availability rate remains low at 5.1%, but the volume of
available space has doubled over the last 12 months
• New developments have increased the quality of
choice on offer to occupiers
• 20% of all availability is ‘tenant space’
• Prime headline rents in most expensive sub-markets
fall further in Q4
• Net effective rents fall across most markets as
incentives move out
• Super-prime space still attracts premiums but
demand softens
• Prime rental levels maintained in the East
• Net effective rents fall as incentives move out
£70 per sq ft
City prime rent
• EC2 the most active sub-market
• Several occupiers make large commitments to
London in Q4
• Media & tech companies the most dominant
occupier sector, with 31% of Q4 demand
• Under offers increase in every sub-market in the West
• More than 1 million sq ft under offer in the East
• But, more protracted lease negotiations
1.8m sq ft
under offer at the end of Q4, within 423 floors
Comment
LONDON OFFICE DEMAND
Quarterly take-up
Source: Gerald Eve
3.5
Q4 2016 London take-up by tenant sector
Source: Gerald Eve
Million sq ft
4%
7%
Serviced Offices
3.0
Associations
2%
2.5
Retail
2.0
18%
6%
Corporate
Profesional Services
1.5
27%
Finance
& Banking
1.0
0.5
31%
5%
Media & Technology
Q4 2016
Q3 2016
Q2 2016
Q1 2016
West
Q4 2015
Q2 2015
East
Q3 2015
Q1 2015
Q4 2014
Q3 2014
Q2 2014
0.0
Insurance
3 year average
City lettings drive fourth quarter increase
Overall occupier take-up of London offices finished the year on a high
and posted an 18% increase during Q4. Despite press headlines of
potential large scale relocations in the City finance and banking sector,
and, an increase in the number of contingency relocation plans being
drawn up, take-up increased by 50% in the East. Fidelity, Barings and
Nikkei (the parent company of the Financial Times) each committed
to taking over 100,000 sq ft of office space in EC4 in Q4. Such high
levels of commitment are illustrative of the continued attraction of
London as a business destination.
On an annual basis, the overall volume of space transacted
fell by 12% on 2015. There was very little difference between
occupational performance in the first and second half of 2016,
which is positive considering the political and uncertain economic
climate in the second half of the year. However, 2016 was a
challenging year for both landlords and tenants as the climate
of uncertainty in the market was transposed into actual location
decisions and agreements on terms.
New and old media drive take-up
Media & technology occupiers were the most acquisitive during
Q4, accounting for 31% of all demand. Traditional media
organisations were key during Q4, as companies such as Nikkei
(Financial Times) took 185,240 sq ft over 10 floors at Bracken
House on Cannon Street and The Economist Group took
around 27,000 sq ft on the 6th floor at the Adelphi Building in
Covent Garden. However, ’new’ media were just as important as
Deliveroo, NeuLion, Brain Labs Digital, Trailstone and Jagex also
took space. Media and technology industry behemoths such as
Apple, Google and Snapchat have also recently confirmed their
commitment to London.
Key occupier deals – Q4 2016
185,240 sq ft
EC4
48,000 sq ft
Victoria
104,981 sq ft
EC4
41,234 sq ft
King’s Cross & Euston
57,878 sq ft
EC1
57,000 sq ft
Covent Garden
51,500 sq ft
EC4
31,444 sq ft
EC3
31,356 sq ft
EC4
30,569 sq ft
EC2
28,635 sq ft
EC2
26,801 sq ft
Covent Garden
25,396 sq ft
Victoria
23,956 sq ft
EC1
Q4 2016 AVAILABILITY WEST
Here we detail our findings on the supply of floors by each submarket,
indicating the number of available floors for each size category as well
as their respective quality. This includes space under construction
which is due to be delivered to the market within 6 months.
Supply 4.0 million sq ft / 833 floors +2% on Q3
Availability Rate 4.4% stable with Q3
17%
Tenant space
Marylebone
Euston Square
Warren Street
54,055 sq ft
S
Great Portland Street
130,379 sq ft
Marylebone
M
Baker Street
Regents Park
70,391 sq ft
L
Goodge Street
62,021 sq ft
XL
Floors
Marylebone
0
50
100
150
This is one of the most restricted markets in terms of availability,
with a rate of 2.9% and with 31% also has proportionately the
most ‘tenant space’ on the market. Take-up of large floors during
Q4 further eroded the supply.
Availability Rate 2.8%
Soho
Availability
Oxford CircusRate 5.3%
Bond Street
Marble Arch
Mayfair & St James’s
174,807 sq ft
Mayfair & St James’s
S
364,910 sq ft
Availability Rate 5.9%
M
246,774 sq ft
Green Park
L
337,698 sq ft
XL
Floors
0
50
100
150
The volume of available space rose again by 21% in this sub-market
at the end of Q4. This was evident across all floorplate sizes and
nudged the availability rate up to 5.9%. Despite a strong volume
of space under offer, demand for the most expensive prime
space in these sub-markets have softened.
Victoria
10,115 sq ft
S
48,676 sq ft
Victoria
M
95,074 sq ft
L
591,398 sq ft
Victoria
XL
Floors
Availability Rate 6.3%
0
50
100
150
Whilst the volume of availability showed little quarterly movement
at the end of Q4, the supply of large floorplates makes it the
market with the highest availability rate of all sub-markets at
6.3%. Even though we have seen occupier commitment from the
likes of Land Securities, Edelman and PSP Investments, there
are still several large good quality floors available in Victoria.
www.geraldeve.com
King’s Cross & Euston
17,450 sq ft
S
106,296 sq ft
M
42,542 sq ft
King’s Cross & Euston
L
Availability Rate 3.2%
XL
109,106 sq ft
Floors
0
50
100
150
Whilst the overall volume of available space on the market rose
by 8%, the availability rate remains a very low 3.2%. There is an
above average quality of space on offer as 55% by volume of
space is either new or refurbished and 36% of the space is
either sub-let or assigned.
King’s Cross St Pancras
Euston
Fitzrovia & Bloomsbury
105,260 sq ft
Fitzrovia & Bloomsbury
S
Availability Rate 4.6%
M
229,896 sq ft
Russell Square
129,615 sq ft
L
357,505 sq ft
XL
Floors
Tottenham Court Road
0
50
100
150
Availability fell across all floorplate sizes during Q4 and the
corresponding availability rate fell to 4.6%. Tenant space is not
currently a large amount of the market, with only 12% of available
space offered via sub-let or assignment.
Covent Garden
Availability Rate 2.8%
Covent Garden
Leicester Square
Soho
Temple
27,855 sq ft
S
Piccadilly Circus
69,418 sq ft
Charing Cross
M
49,117 sq ft
Embankment
L
181,266 sq ft
XL
Floors
Floorplate Sizes
Small (S)
Medium (M)
Large (L)
Extra Large (XL)
500 sq ft to 2,000 sq ft
2,001 sq ft to 6,000 sq ft
50
100
150
The addition to supply of the LSQ London building on Leicester
Square and 30 Broadwick Street from the development pipeline
has added a number of large floors to the market, but overall
availability fell by 2%. With an availability rate of 5.3%, supply
remains significantly below trend.
6,001 sq ft to 10,000 sq ft
10,001 sq ft +
Covent Garden
Type
New
Refurbished
Unrefurbished
Source: Gerald Eve
Current letting policies may dictate some floors are
not available in isolation
Pimlico
0
27,996 sq ft
S
56,176 sq ft
M
94,890 sq ft
L
198,508 sq ft
XL
Floors
0
50
100
150
Availability fell by 18% in this sub-market at the end of Q4, which
reduced the overall availability rate to the lowest of all markets in
the West at 2.8%. There are very few opportunities for occupiers
requiring new or refurbished buildings in this sub-market.
5
SUPPLY AND DEMAND WEST
Availability by sub-market
Source: Gerald Eve
4.5
Under offers by sub-market
Source: Gerald Eve
Million sq ft
1.2
Million sq ft
4.0
1.0
3.5
0.8
3.0
2.5
0.6
2.0
0.4
1.5
1.0
0.2
0.5
Kings Cross and Euston Mayfair & St James Victoria Soho
Marylebone Fitzrovia/Bloomsbury Covent Garden
Q4 16
Q3 16
Q2 16
Q1 16
Q4 15
Q3 15
Q2 15
Q1 15
Q4 14
Q3 14
Q4 16
Q3 16
Q2 16
Q1 16
Q4 15
Q3 15
Q2 15
Q1 15
Q4 14
Q3 14
Q2 14
Q2 14
Q2 14
0
0.0
Kings Cross and Euston Mayfair & St James Victoria Soho
Marylebone Fitzrovia/Bloomsbury Covent Garden
Availability rates remain unchanged in Q4
The volume of availability increased marginally in Q4, although
average availability rates remained constant at 4.4%. In an
historical context, rates in the West End remain very low. The
majority of the increase seen this quarter has been as a result of
the addition of space in Mayfair and St James’s, where there is
now over 1 million sq ft of space on the market.
Sharp increase in space under offer
The amount of space under offer increased by 83% at the end of
Q4 to just less than 800,000 sq ft. Such a significant increase was
driven by occupier interest in large floorplates in Victoria and in
King’s Cross & Euston, where the total volume of space under offer
more than doubled on Q3.
Q4 2016 take-up by occupier sector
Source: Gerald Eve
Quarterly take-up and 3 year average
Source: Gerald Eve
3%
Serviced Offices
4%
Retail
3%
1.6
Million sq ft
Corporate
15%
Associations & Government
1.4
1.2
1.0
25%
Professional
Services
0.8
28%
Finance
& Banking
0.6
0.4
0.2
Q4 16
Q3 16
Q2 16
Q1 16
Q4 15
Q3 15
Q2 15
Q1 15
Q4 14
0
Q3 14
Media &
Technology
Q2 14
25%
Take-up / 3 Year Average
Finance firms increase presence in West
Finance and banking occupiers were the most active sector during
Q4 as companies such as PSP Investments, Mirabaud and EQT
Partners UK Advisors II LLP committed to space. A number of
recruitment companies also committed to space during the quarter.
www.geraldeve.com
www.geraldeve.com
A solid quarter for occupier demand
Take-up decreased by 12% in Q4 and ended the year just shy of the
3 year average quarterly figure. It was activity on large floorplates in
Victoria which helped drive the totals, although the average floor size
transacted decreased from 4,292 sq ft to 3,875 sq ft.
SUPPLY AND DEMAND EAST
Availability by sub-market
Source: Gerald Eve
Million sq ft
1.6
5.5
Million sq ft
1.4
5.0
1.2
4.5
4.0
1.0
3.5
3.0
0.8
2.5
0.6
2.0
1.5
0.4
1.0
0.2
0.5
0.0
EC1
EC2
EC3
Q4 16
Q3 16
Q2 16
Q1 16
Q4 15
Q3 15
Q2 15
Q1 15
Q4 14
Q3 14
Q4 16
EC4
Q3 16
EC3
Q2 16
Q4 15
EC2
Q1 16
Q3 15
EC1
Q2 15
Q1 15
Q4 14
Q3 14
Q2 14
Q2 14
0.0
Q2 14
6.0
Under offers by sub-market
Source: Gerald Eve
EC4
Availability rises again, but pace of increase slows
The amount of available space on the market increased for the
fourth consecutive quarter as additional space in the development
pipeline entered availability. This has both increased the quality of
choice on offer and pushed availability rates up to 6.4%, although,
the development pipeline for H2 2017 looks set to help keep
supply in check.
Under offers remain elevated
The amount of space under offer remained over 1 million sq ft at the end
of Q4. By sub-market, EC3 was home to the most space under offer
and 73% was new or refurbished as occupiers looked to sign up to
the best quality space. Occupiers continue to push for flexibility and
better terms, however prime rents have held firm at £70 per sq ft in
Q4. Landlords have proved themselves more willing to incentivise
deals rather than reduce headline rents.
Q4 take-up by occupier sector
Source: Gerald Eve
Quarterly take-up by sub-market and 3 year average
Source: Gerald Eve
5%
Serviced Offices
1%
Retail
Million sq ft
4%
2.0
Associations
1.8
8%
1.6
Corporate
1.4
1.2
15%
Profesional
Services
1.0
28%
Finance
& Banking
7%
Insurance
0.8
0.6
0.4
0.2
EC1
Media and tech firms drive activity
The shift away from the City’s reliance on financial and banking
occupiers continued in Q4 and media and technology firms
accounted for 32% of all space taken. Despite concerns over the
future commitment of occupiers from certain segments of the
finance and banking sector, this occupier sector still accounted for
28% of all demand.
EC2
EC3
EC4
Q4 16
Q3 16
Q2 16
Q1 16
Q4 15
Q3 15
Q2 15
Q1 15
Q4 14
0
Q3 14
Media & Technology
Q2 14
32%
3 Year Average
Take-up rebounds to 3 year average
Take-up in the East rose by 50% during Q4 and returned back to
the three year average quarterly take-up figure. Several occupiers
confirmed their commitment to the City market, particularly in EC4,
where 5 deals concluded over 50,000 sq ft in size. Despite this
increase in take-up there are still several large requirements for space
in the market, particularly from law firms with upcoming lease events.
7
Q4 2016 AVAILABILITY EAST
Here we detail our findings on the supply of floors by each submarket,
indicating the number of available floors for each size category as well as
their respective quality. This includes space under construction which is
due to be delivered to the market within 6 months.
Supply 5.7 million sq ft/894 floors up 8% on Q3
Availability Rate 6.4% up on 5.9% in Q3
21%
Tenant space
Angel
EC1
338,961 sq ft
EC1
S
Availability Rate 5.3%
211,280 sq ft
M
250,489 sq ft
L
166,257 sq ft
XL
Floors
0
50
100
150
250
It was the addition of several floors from the development pipeline,
in schemes such as Charterhouse Place in the Smithfield Quarter
which significantly increased supply in this market.
Farringdon
Barbican
EC4
231,024 sq ft
S
327,545 sq ft
M
521,191 sq ft
EC4
147,945 sq ft
Availability Rate 5.6%
L
XL
Floors
0
50
100
150
250
The strong levels of occupier interest substantially reduced
the supply of extra-large floors in this sub-market during Q4.
Available new space such as 8 Salisbury Square and 20 Old
Bailey significantly raise the quality of marketed office space in
this sub-market.
www.geraldeve.com
St Pauls
City Thameslink
Mansion House
Blackfriars
EC2
Floorplate Sizes
Small (S)
1,000 sq ft to 5,000 sq ft
Medium (M)
5,001 sq ft to 10,000 sq ft
Large (L)
10,001 sq ft to 20,000 sq ft
Extra Large (XL)
20,001 sq ft +
353,556 sq ft
S
309,447 sq ft
M
609,377 sq ft
L
Type
423,855 sq ft
New
XL
Refurbished
Floors
Unrefurbished
Source: Gerald Eve
Current letting policies may dictate some floors
are not available in isolation
0
50
100
150
250
Following strong levels of occupier interest in medium and large
floors during Q4, overall availability ended Q4 1% down on Q3.
The overall availability rate fell to 5.1%, making it the most supply
restricted sub-market in the East.
EC3
469,420 sq ft
S
285,016 sq ft
M
778,834 sq ft
Old Street
L
265,026 sq ft
XL
EC2
Floors
0
50
100
150
250
Availability Rate 5.1%
Supply rose across all floorplate sizes during Q4. This market
continues to be weighted towards good quality small floors, however
there is little on the market for occupiers looking for good quality
space with extra-large floorplates.
Moorgate
Development supply pipeline
Liverpool Street
1.4
Million sq ft
72 floors
1.2
64 floors
Aldgate
1.0
83 floors
0.8
Bank
Fenchurch Street
58 floors
0.6
42 floors
Cannon Street
0.4
Monument
Tower Hill
0.2
EC1
EC2
EC3
H2 2020
H1 2020
H2 2019
H1 2019
H2 2018
0.0
H1 2018
Availability Rate 9.5%
9 floors
H2 2017
EC3
EC4
There is 880,000 sq ft of new space over 83 floors due to
be delivered to the market in the second half of 2017, most
notably in EC3. The three year City development supply
pipeline is dominated by large schemes under construction in
EC2 such as 22 Bishopsgate and 21 Moorfields.
9
2016 ANNUAL REVIEW AND OUTLOOK
Whilst quarterly take-up showed an increase in Q4, occupier demand in 2016 was on balance 12% down on 2015.
Occupier uncertainty as a result of the referendum result did have an impact on demand and we also saw availability
rise through most of 2016. This activity has changed the landscape of London offices and has highlighted some
interesting themes in terms of annual performance.
Most active occupational
sub-market in the East
Most active occupational
sub-market in the West
Most active occupier sector
EC2
Victoria
Finance & Banking
With 277 floors totalling 1.8 million sq ft
taken-up during 2016, EC2 was the most
active of all sub-markets in 2016.
Headline deals in the finance sector including
Investec’s sub-letting of 100,000 sq ft at
30 Gresham Street and Rathbone’s letting
of 75,000 sq ft at 8 Finsbury Circus were
complemented by media & tech firms such
as Amazon, who exercised their option to
acquire a further 80,000 sq ft at Principal Place.
With 80 floors totalling around 750,000 sq ft,
Victoria just pipped Mayfair & St James’s
as the most active market in the West in
2016. The availability of large floorplates in
this market was attractive to both typical
government institutions, but also finance and
technology companies who were looking for
more affordable space.
Across London, by volume of space taken,
finance and banking occupiers accounted
for 27% of all occupier activity over the
year, just more than media & tech industries
which accounted for 23%. As tenants in
the finance and banking industry continue
to draw up relocation plans in the wake of
the referendum result and closely assess
their London headcounts, eyes are on the
technology and creative industries as the
sector to fill the gap.
2017
Themes
to watch
External events, economic
and political, are likely to have
an amplified effect on London
office demand and rents.
www.geraldeve.com
Legal and creative industries
to help drive demand.
Expect to see an increase in
marketed tenant space as
occupiers look to make
their offices more efficient.
Rising inflation and
potential interest rate
movements could create
tighter economic environment.
Continued rise in availability
rates, but oversupply is
unlikely to be a significant
concern.
Expect more relocation plans
to be drawn up as BREXIT
negotiations continue.
Expect to see further
downward pressure on prime
and net effective rents and
tenants likely to continue to be
attracted to ‘value’ locations.
DEFINITIONS
Availability
Floor / Floorplate
Marketed floorspace over 500 sq ft in size (in the West) and over
1,000 sq ft (in the East) and available to move into within 6 months
that may or may not be vacant but which is actively marketed by an
appointed agent. We monitor available floorspace in central London
at an individual floor level. Each floor is assigned a floor size category
and an individual grade for quality. The availability data covered in
this report represents buildings within the boundaries outlined in the
maps in this report. We monitor availability by the number of floors
being marketed as well as the total size. The floor area in sq ft adopted
throughout is the net internal area. Floors which are under offer are not
included in our availability statistics. Availability is accurate two weeks
before the end of the calendar quarter.
As well as the total volume of space being marketed as available,
we also monitor the number of floors which account for this total
volume. We monitor whether it is a full floor or part floor which is
being marketed, although for our statistics, we treat an individuallymarketed ‘part’ floor as ‘one’ floor. If a floor is capable of sub-division
to accommodate two suites, but can likewise be occupied together, we
use the total floorplate for that floor.
Newly available space
Space on the open market including developments which are within
6 months of completion. This includes units of secondhand space
which are undergoing refurbishment.
Floor quality
New: Floor in a newly-developed or newly-refurbished building, including
sub-let space in new buildings which have not been previously occupied
Refurbished: A floor which has been comprehensively refurbished
and is of good specification, floorplate efficiency and image, but is in a
building which is not new or been comprehensively refurbished.
Unrefurbished: Poorer quality space, usually offered for occupation ‘as is’.
London Offices
Under offer
Reference to London offices in this report refers to floors over 1,000 sq ft
the East (comprising the postcodes EC1, EC2, EC3 and EC4) and floors
over 500 sq ft in the West as depicted on the map (comprising West
End submarkets Soho, Covent Garden, Mayfair & St James’s, Victoria,
Marylebone and Fitzrovia & Bloomsbury).
Space which a prospective occupier has agreed in principle to occupy
but is most likely to be under no legal or contractual obligation to do so.
Requirement
Named entities with appointed agents and a declared requirement
for office accommodation which the named entity wishes to satisfy in
the foreseeable future. If the requirement has a preferred size range,
the average size of the requirement is used. Given requirements
often include a range of targeted sub-markets, we have included the
requirement for each of the sub-markets when analysing individual
sub-markets, but, when calculating overall London requirements,
duplicates are removed.
Prime headline rents
The rent being paid which does not take account of concessions such
as rent free periods. The references to both headline rents and incentives
in this report are a reflection of the best office space in that submarket
which is taken on an assumed 10 year term. We use the ‘best achieved’
method of recording prime rents. Where there is recent evidence of
transactions, then our data is representative of it. In cases where there
is no recent evidence, then the rent is recorded on the basis of the best
hypothetical transaction which could be achieved as at the end of that
quarter. In the East, prime headline rents refers to low-rise buildings.
Incentives
This refers to the concessions offered by a landlord to a tenant as part
of the negotiation process. Incentives usually adopt the form of rent free
periods, but can also be in the form of capital contributions or the fit-out
of the building.
Tenant space
Reference to ‘tenant space’ includes office space that is actively
marketed and is available either as a sub-let or an assignment of an
existing lease. ‘Grey space’ that is not actively marketed is not covered
in this report, only space with an appointed agent.
Take-up
Occupational transactions including offices let or sold to an occupier,
developments pre-let or pre-sold to an occupier or an owner occupier
purchase of a freehold or long leasehold. We analyse take-up at
individual floor level and in terms of the overall volume.
Quality of choice
This is a subjective measure holistically assessing the appropriateness of
current availability to modern office requirements. Whilst our figures may
represent a large number of floors available in particular size categories
or postcode geographies, the floorplates efficiencies or amenities on
offer within this supply may not meet all the expectations of modern
office tenants and the quality of choice would be lower.
Development Supply / Future Supply
Office space which is under refurbishment or development, without a
tenant and which is actively being marketed and has a known delivery
date. It does not include space bought to the market in the future due
to lease expiries or the natural churn of stock. The same floor size
categories are used as defined in ‘Availability’.
Net absorption
This measures the net overall balance of occupied space over a
prescribed time period. We calculate net absorption by subtracting
the change in available space (both by the number of floors and the
overall volume of space) between two time periods from the amount
of development completions added to the market within the same
time period. For our calculation we assume that all available space is
‘vacant’ on the premise that space that is marketed as being available
is underused and likely to be vacated. Known sub-let space and lease
renewals are not factored into net absorption except where the lease
renewal includes the leasing of additional space, and then that additional
space is counted. Pre-letting of space in non-existing buildings is not
counted in net absorption until the development is completed and the
tenant takes occupation.
11
Gerald Eve in the Market
Our specialists have been involved in several high profile transactions during the quarter.
Please contact them directly for more information.
Stephen Peers
London Offices
Lloyd Davies
London Offices
Fergus Jagger
London Offices
Stephen is marketing 31,500 sq ft of prestigious
Mayfair offices at Twenty North Audley Street. The fully refurbished, category A office space is
asset managed by Global Holdings Management
Group. A further 20,000 sq ft of space is due to
become available in late 2017.
Lloyd advised Singaporean investor UOL Group on its acquisition of 120 Holborn, a 340,000 sq ft
Midtown mixed-use island site from a private
overseas investor and EQT for circa £230m. In May, advised by Gerald Eve, UOL Group agreed
to buy nearby office and retail building at 110 High
Holborn for £98.75m from UBS Central London
Office Value Added Fund.
Fergus is marketing 85,751 sq ft of refurbished
office space at 30 St Mary Axe on behalf of Swiss
RE. 30 St Mary Axe was designed by Lord Foster
and opened in 2004 and the available space is
based over five floors. The 180-metre tower is
widely regarded as one of the key developments in
21st century London, helping to define the capital’s
modern day skyline.
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Graham Foster
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Steve Sharman
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Lloyd Davies
Partner
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Tony Guthrie
Partner
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Fergus Jagger
Partner
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London Planning & Development
Contacts
Steve Johns
Partner
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Mobile +44 (0)7833 401249
[email protected]
Disclaimer & copyright
London Floor Review is a short summary
and is not intended to be definitive advice.
No responsibility can be accepted for loss or
damage caused by reliance on it.
© All rights reserved
The reproduction of the whole or part of
this publication is strictly prohibited without
permission from Gerald Eve LLP.
www.geraldeve.com
Lisa Webb
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Nick Brindley
Partner
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