Asset and development manager Berkeley Estate Asset Management has prelet the whole of its 176,000-square-foot office scheme at 50 Berkeley Street, London W1 to Millennium, a global investment firm, for its European headquarters.
BEAM is undertaking a Stiff + Trevillion-designed comprehensive redevelopment of the landmark building, to include new floors, roof terracing and best-in-class end-of-trip facilities with improved amenities and environmental performance.
Millennium has occupied the building since 2004 and has temporarily relocated for the duration of the redevelopment.
BEAM secured two significant planning consents, including the makeover of 50 Berkeley Street, as it continued to re-position the Berkeley Square Estate, in 2021.
It has comprehensively re-positioned 50 Berkeley Street, which forms a large island site with neighbour 50 Stratton Street between Green Park Station and Berkeley Square.
BEAM was represented EiA Real Estate, RX London and Eversheds Sutherland. Millennium was advised by CBRE and Simmons & Simmons.
Mark Stansfield, head of UK analytics at CoStar, said: "“There have only been two office lettings over 100,000 square feet in Mayfair this century and both have occurred in the past 18 months, despite the structural changes unleashed by the pandemic. The bumper Millennium deal – the West End’s largest of the year – follows the 225,000-square-foot prelet by private equity giant Blackstone at nearby Lansdowne House last summer and cements the Berkeley Square area’s position as the place to be for financial firms seeking prestigious large offices in the capital. A host of landlords on and around the square are refurbishing or expanding their buildings to cater for this demand and to capitalise on the rental premiums that providing large, sustainable buildings can bring.”
Updated on 18 December to add Stansfield's quote.