25 Baker Street

Construction at 25 Baker Street is progressing on time and on budget, reports Derwent London in its latest Interim Results 2023.

The private residential building at 100 George Street has topped out and the super-structure of 25 Baker Street has reached level 7.

Both pre-lets at 25 Baker Street were signed substantially ahead of ERV and the commercial element is now 76% pre-let or pre-sold to an American investment management firm PIMCO – 106,100 sq ft at £103 psf on a 15-year lease (no break) in H1 to global investment bank Moelis & Company – 49,200 sq ft at £100 psf on a 15-year lease (break at year 10) on lower floors in H2.

Since the start of the year, a fixed price contract has been signed with Make One for the 30 Gloucester Place element and the agreement for the private residential component is being finalised. The mid-stage 5 embodied carbon estimate is c.600 kgCO2e/m2.

The completion date for the project is 2025.

This office-led multi-use scheme comprises 218,000 sq ft of offices, 28,000 sq ft of retail and 52,000 sq ft of residential at 100 George Street. The Courtyard retail and Gloucester Place offices have been pre-sold to The Portman Estate. There is also early solid interest in the private residential units.

For more information on the available office space at 25 Baker Street please contact CBRE or Ashwell London.

See more photos of the progress on 25 Baker Street development profile.

PIMCO, the global investment management company has pre-let 106,100 sq ft of office space at 25 Baker Street scheme, reports Ashwell London.

The rent for the office space on levels five to nine is £11.0m which equates to an average of £103 per sq ft.

The lease is for a 15-year term without breaks, and PIMCO has the option to expand to include level four (24,700 sq ft) which can be exercised up to 12 months prior to practical completion.

The 298,000 sq ft mixed-use scheme in Marylebone, which aims to meet industry-leading sustainability and digital standards, is now 56% pre-let.

100,000 sq ft of best-in-class offices are still available with c.24,000 sq ft floors that provide stunning workspace with natural daylight and flexibility for all occupiers to adapt to open plan or cellular layout, thanks to 360 degrees of windows.

Slaughter and May advised Derwent London.

Paul Williams, Chief Executive of Derwent London, commented:

"Over the last few months, there has been a marked increase in confidence and occupier engagement with a busy start to the year. We have agreed £14.7m of new rent from high-quality occupiers, which includes a substantial de-risking of 25 Baker Street two years ahead of completion. These lettings demonstrate the importance of well-designed space with strong amenity, environmental credentials and connectivity. There is good further occupier interest across our portfolio."