Mayfair office rent high 18th July 2013

Devonshire House in Mayfair has secured a flurry of lettings including one at £120 per sq ft.

Since launching the refurbished space in May of this year, more than 22,750 sq ft of the available 72,000 sq ft has been let in units from 1,800 sq ft upwards.

Occupiers Noble (Servco) UK Ltd, TA Associates LLP, Canyon Capital Advisors and Cartesius Advisory Network have taken leases from ten years with no breaks to leases with breaks at the fifth year.

A further 11,600 sq ft is currently under offer in two separate deals and strong interest has been registered in the remaining space.

Rents at the 180,000 sq ft office and retail building, at One Mayfair Place, W1, have been secured at between £105 per sq ft and £120 per sq ft, with engineering group Noble understood to be paying £120 per sq ft, a record in this cycle for Mayfair – the UK’s most expensive place to lease offices.

Following a comprehensive refurbishment programme of the 20,000 sq ft floors on the first to fourth levels, Devonshire House has a newly designed entrance hall, glass walkways linking the floors and views over Green Park and Mayfair Place.

Nigel Kempner, head of Grafton Advisors, development and asset manager for Devonshire House said: "A combination of exceptional space and a flexible approach to size and lease has delivered strong demand for this refurbishment scheme in the heart of Mayfair. The rents achieved are a strong vindication of the owners' investment in delivering high quality space which meets the needs of companies from a diverse range of business sectors and geographies."