Investment managers Rathbones have confirmed plans to relocate to new office space in Mayfair.
Rathbones to take over 42,000 sq ft of office space in London W1.
Investment management group Rathbones have announced this week that they will relocate to new office space in Mayfair.
The firm have confirmed they have signed a 12 year lease for more 42,000 sq ft of office space at 1 Curzon Street in W1. Rathbones will relocate staff from its current New Bond Street offices to office space on the third and fourth floors of the Mayfair building and it’s expected the relocation will be completed by February 2012.
It has not been revealed how much the investment managers have paid for the office space but industry experts believe it will be much higher than the £35 per sq ft (plus rental charges) which is being requested for a lower-ground office suite within the same building. Market experts think the price could be much nearer to office space in nearby Saville Row which has recently been let at just under £100 per sq ft.
The firm said they believe the move to 1 Curzon Street will help them to maintain a strong presence in the heart of London.
“The move to No 1 Curzon Street not only keeps Rathbones in the heart of Mayfair, but also increases our effective space in London by around 10%, through a combination of a larger and more efficient floor plan than our existing offices, without a material increase in the ongoing cost base,” commented Rathbones’ CEO Andy Pomfret.
1 Curzon Street was completed by Development Securities in 1998 and now belongs to the Abu Dhabi royal family. It boasts more than 215,000 sq ft of prime office space and is occupied by a number of investment firms and hedge-fund management companies including an off-shoot of AIG.