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LONDON-Lambert Smith Hampton’s latest West End office market survey found that 581,000 sf of offices were leased or sold during July and August 2001, down slightly on the previous two months. The latest figures mean that 2.94 million sf has been let in the West End in the first eight months of this year.

Key lettings include Applegate & Collatos taking 36,600 sf in Stratton House, Stratton Street, W1 at £72.50 ($106.60) per sf. And Ericsson has taken a significant part of the 65,000-sf 105 Wigmore Street, W1 at a rent of £67.50 ($99.25) per sf. At 16 St James’s Square, SW1, Boeing is reportedly taking 7,000 sf of space for its UK head office. The company is to pay over £80 ($117) per sf.

Lambert Smith Hampton said that these deals show that prime rental values in Mayfair and St James’s have remained unchanged even though availability has increased over the past two months to 5.4 million sf, representing a vacancy rate of 8.1%.

Investment activity has eased in recent months, although overseas and private investors–particularly from Ireland and the Middle East–are supporting the market. In the biggest investment deal of the summer, Broadwick House, 15-17 Broadwick Street, W1 was bought by Strategic Real Estate Advisors from Derwent Valley Holdings plc for £31.85 million ($47 million) at a yield of 5%.

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