Global investment giant KKR has confirmed that it will be taking up 57,000 sq ft of space in London’s prestigious Mayfair. The buyout firm is set to sign a lease with Great Portland Estates’ (GPE)new office space in Hanover Square, to be built over the eastern entrance of Crossrail’s new Bond Street station.

The pre-let is great news for GPE, and will enable the company to commit to going ahead with the large development, which as well as grade-A office space will also be comprised of shops, eateries and residential units located around Hanover Square and New Bond Street. Estimates for the price of the project are in the region of £1 billion.

Toby Courtauld, Chief Executive at GPE, has said of the deal: “It is such a difficult market to read at the moment. But good quality space will let and there is not much of it around at the moment, particularly in the West End, which means that a lot of it is pre-letting. But negotiations are tough and they are taking time.”

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