Spanish telecommunications provider, TelefÃ³nica, and the Al Gore-founded investment bank, Gore, have taken up the London offices set to be created at the Prince Regent Hotel.
The historic West End hotel is set to undergo an extensive refurbishment, which will create 200,000 sq ft of office space spread out over seven storeys, as well as two art deco-style restaurants and retail amenities.
Although the hotel isn’t set to be opened until later this year, TelefÃ³nica has agreed a deal for floors four and five, whilst Gore has committed to the building’s top floor.
Responding to criticism of the hotel’s lacklustre exterior, a representative for the owner, the Crown Estate, said: “It’s designed to look deliberately plain so that you get a surprise when you open the door.”
The same representative said that the office scheme was easy to lease because of a lack of similar speculative developments in the city.
The representative stated: “We pushed the button this two weeks after Lehman Brothers collapsed. No one has built anything so now there’s a lot of demand for what we’re offering.”
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