The firm--the EMEA arm of CB Richard Ellis--has agreed to pre-let St Martin's Court at Mitsubishi Estate Co.'s Paternoster Square development, alongside St Paul's Cathedral. St Martin's Court is scheduled for completion in 2003 and will provide CB Hillier Parker with 100,000 sf of modern space with floor plates of 20,000 sf. This is a far cry from the antiquated space currently occupied by the firm in Mayfair.
'This is a symbolic move for us and it is evidence of the modernisation that is taking place at CB Hillier Parker', explains managing director Mark Creamer. 'The 20,000-sf floor plates allow us flexibility with which to plan the use of the new space. We are currently looking at how we conduct business and utilise space. We are unlikely to occupy St Martin's Court in the traditional way', he adds.
CBHP will be vacating 81,000 sf in the West End and City including its current 42,000 sf headquarters at 77 Grosvenor St., which is the subject of a redevelopment proposal by the freeholder Grosvenor.
This is the second major letting at Paternoster Square in recent months. In June, the London Stock Exchange agreed to take the King Edward's Court building. Letting agents for Mitsubishi Estate are CB Hillier Parker and DTZ.
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