One of the most distinguished offices in Mayfair is set to go to market soon and could fetch well over Â£450m it has emerged.
The iconic Devonshire House offers a combined total of 175,000 sq ft of Mayfair office space and retail space and is located by the Ritz and Green Park.
Any deal for the property at One Mayfair Place, W1 is likely to dwarf the recent Â£130m purchase of 431-451 Oxford Street by Tribeca Holdings, which just over a week ago became the second biggest West End mixed purpose property deal this year.
Grafton Advisors is acting as development and asset manager on behalf of the overseas trust that currently owns Devonshire House.
It recently carried out major redevelopment work on around 72,000 sq ft of the London office space on offer at the building.
This work was carried out on the first up to the fourth floor of the property and included a new design for the building’s entrance hall as well as glass walkways linking the floors.
A number of firms have already leapt at the chance to become tenants of the newly refurbished offices including Canyon Capital Advisors, Noble UK Ltd. and Cartesius Advisory Network Engineering Group.
Devonshire House was bought by an overseas trust in 2007Â for a reported Â£288m from Land Securities. Investors in the trust include Witkoff Group and DCD Properties.
By: Kirsty MacGregor
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