A West End hotel has been given a multi-million pound revamp to offer 200,000 sq ft of high-spec office space.
Office space in the Prince Regent Hotel development has already been snapped up by Telefonica and investment bank Gore.
A historic hotel in the West End will soon be offering businesses in the capital the chance to rent seven floors of high-spec office space following a multi-million pound refurbishment.
Due to open later this year, the Prince Regent Hotel development will offer two 1930s art deco restaurants, retail space and more than 200,000 sq ft of prime office space in one of the capital’s most prestigious locations. More than £300 million has been spent by the crown estate to lovingly restore the Regent Palace Hotel, located just off Picadilly Circus, to its former glory.
Commenting on the hotel’s less than impressive exterior, a representative from the crown estate said: “It’s designed to look deliberately plain so that you get a surprise when you open the door.”
Although not due to open until later this year, the office space has already signed up some high profile tenants. Al Gore’s $3bn green investment bank Gore has committed to leasing the entire top floor, dubbed Quadrant 3, while the Spanish owner of O2, Telefonica has agreed to lease the fourth and fifth floors as its global headquarters.
The crown estate says that the property’s unique appeal and a lack of speculative development elsewhere in the city meant it wasn’t hard to find key anchor tenants. A representative said: “We pushed the button on this two weeks after Lehman Brothers collapsed. No one else has built anything so now there’s a lot of demand for what we’re offering.”
In addition to attracting office space tenants, the development has also managed to secure a number of big names for its state of the art retail space. Located on the ground floor, the retail space is to play host to shoe manufacturer Ugg’s flagship London store, knitwear brand Wolsey and bag designer Jack Spade.