INDUSTRY NEWS

Temasek set to pay highest rent for London office space in six years

A Singaporean investment company is set to smash the record rent fee in almost six years as it takes up office at a property in St James’s.

Temasek will move into the top two floors of Standard Life Investments’ 23 King Street, taking up a total of 8,400 sq ft of office space.

23 King Street is a new development located in the heart of St James’s, it offers a total of 45,000 sq ft of premium London office space across its lower ground, ground and six upper floors.

The deal smashes the previous rent record for the area set in June when oil engineer Nobel agreed to spend £120 per sq ft on 9,000 sq ft of office at Devonshire House in Mayfair.

Before the Nobel deal, the previous record was made in 2007 when Permal Investment Management Services signed up for office space at 12 St James’s Square, SW1, at a rent of £140 per sq ft.

Temasek is an investment firm owned by the Government of Singapore. It has a portfolio of S$215 billion in equities including financial services, telecommunications and transportation across areas including North America, Europe, Australia and a host of other countries and regions  across the globe.

It has invested in a number of European companies including Spanish oil and gas company Repsol and financial data provider Markit.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

Leave a Reply

Your email address will not be published.