CB Richard Ellis (CBRE) has today secured new offices in the West End of London pending the expiry of their current lease at Kingsley House, Wimpole Street W1 in May 2011. CBRE has entered into an Agreement for Lease to take Henrietta House, Henrietta Place, W1 which is being vacated by Diageo.
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CB Richard Ellis will move to Henrietta House in the spring of 2011.
CB Richard Ellis on the move in London's west End.
The landlord, Lazari Investments, is taking a surrender of the residue of Diageo's lease in order to completely refurbish the building in readiness for CBRE's occupation.Following an innovative approach to the transaction CBRE will deliver the scheme on behalf of Lazari. CBRE will take an over-riding 15-year lease on the entire building, totalling approximately 98,000 sq ft. This will allow CBRE to manage the property for its own and the landlord's benefit.
Martin Samworth, Managing Director, CB Richard Ellis UK, said: "The building offers an excellent opportunity for the firm to move to a bigger, more modern facility with a higher profile following the expiry of the lease at Kingsley House. Henrietta House will enable us to further grow our London West End presence with long term security and controlled costs."
John Kent, Senior Director in CB Richard Ellis' Lease Consultancy division, who structured the deal direct with Lazari Investments over a period of nine months, said: "The deal worked perfectly from our perspective as the lease at Kingsley House was drawing to a close and the building requires renovation. Therefore, staying in occupation would not have been possible and with the availability of Henrietta House in close proximity to Kingsley House and with the time to refurbish to our specification this was an opportunity too good to miss."
Christos Lazari, Lazari Investments, commented: "We are delighted to welcome CBRE as a tenant to this flagship West End Building and to having achieved this letting prior to the expiry of the current lease mitigating any void. We feel that having secured a tenant of this quality together with our refurbishing the building will enhance this asset further in keeping with our objective of upgrading the quality and longer-term income stream within our portfolio."
CB Richard Ellis will move to Henrietta House in the spring of 2011.
Source: CB Richard Ellis
Martin Samworth, Managing Director, CB Richard Ellis UK, said: "The building offers an excellent opportunity for the firm to move to a bigger, more modern facility with a higher profile following the expiry of the lease at Kingsley House. Henrietta House will enable us to further grow our London West End presence with long term security and controlled costs."
John Kent, Senior Director in CB Richard Ellis' Lease Consultancy division, who structured the deal direct with Lazari Investments over a period of nine months, said: "The deal worked perfectly from our perspective as the lease at Kingsley House was drawing to a close and the building requires renovation. Therefore, staying in occupation would not have been possible and with the availability of Henrietta House in close proximity to Kingsley House and with the time to refurbish to our specification this was an opportunity too good to miss."
Christos Lazari, Lazari Investments, commented: "We are delighted to welcome CBRE as a tenant to this flagship West End Building and to having achieved this letting prior to the expiry of the current lease mitigating any void. We feel that having secured a tenant of this quality together with our refurbishing the building will enhance this asset further in keeping with our objective of upgrading the quality and longer-term income stream within our portfolio."
CB Richard Ellis will move to Henrietta House in the spring of 2011.
Source: CB Richard Ellis
