Rathbones to relocate to Mayfair offices

Posted on by John Cronin

Investment managers Rathbones have announced plans to relocate offices in London.

one curzon streetRathbones, a publicly-listed company, has announced that it has agreed a 12-year lease on 42,200 sq ft of office space on the 3rd and 4th floors of No 1 Curzon Street, London W1.

The agreed rental price for the prestigious Mayfair offices has not been disclosed, but is expected to be high. Offices in nearby Savile Row were recently let at rental prices just under £100/ sq ft.

Agents DTZ are marketing a 13,430 sq ft lower-ground office suite within the building at a quoted rental price of £35 / sq ft plus rates of £13 / sq ft and service charges of £12.88 / sq ft.

Rathbones has indicated that it expects the relocation from its current New Bond Street offices to be completed by February 2012. The company expects the move will result in non-recurring charges of up to £5 million.

One Curzon Street was a speculative development, completed by Development Securities in 1998 at a cost of £180m. The building is now owned by the Abu Dhabi royal family, who purchased the building in 2005 for around £280m. The 215,000 sq ft building is occupied by investment and hedge-fund management companies, including an off-shoot of AIG that was considered to be at the centre of the 2008 financial crisis.

Commenting on the office relocation, Andy Pomfret, Rathbones CEO, said (pdf link): “The move to No 1 Curzon Street not only keeps Rathbones in the heart of Mayfair, but also increases our effective space in London by around 10%, through a combination of a larger and more efficient floor plan than our existing offices, without a material increase in the ongoing cost base.”

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