London office move for York Capital.
York Capital sign lease for new London offices.
Investment company York Capital has chosen to move its offices to London. The company currently has its offices based in New York and will relocate to Grade A space in 23 Saville Row, Mayfair.
The firm has signed an agreement to lease around 7,600 square feet of office space within the 100,000 square feet building. The rates for the space are approximately £97.50 per square foot, the rest of the office space in the building is being advertised at around £100 per square foot.
The prices show how high leasing costs are in London at the moment. Recently London’s West End was found to be the most expensive location in the world for office space ahead of locations such as New York and Tokyo.
23 Saville Row is currently being marketed through a joint venture between CB Richard Ellis and H2SO. The building has been awarded a range of awards including the ‘West End Development of the Year’ award from the Office Development Awards in 2009. Currently it houses several high profile clients including Resolution, Eton Park Capitol Management, Hauser, General Atlantic and Wirth.
In other London office space news, Rhone Capital has announced that it too will relocate its offices to London. The company has signed a lease to occupy top floor offices at 40 Bruton Street at a price of around £100 per square foot of office space.
The deal has proven slightly controversial as some claim that Rhone have grossly overpaid due to the average rent in the area amounting to £55 per square foot. However, it is becoming increasingly difficult to find available Grade A office space in the City of London and office leasing costs are expected to rise again in the near future.