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LONDON-Insignia Richard Ellis has become the latest premier-league broker to quit the exclusive but expensive Mayfair district of the West End. The firm today announced a move from Berkeley Square House–its home for the past 15 years–to new offices at Kingsley House on Wimpole Street, London W1.

Cushman & Wakefield Healey & Baker is in the process of moving into new offices at nearby Portman Square and next year CB Hillier Parker will leave Mayfair for the Paternoster Square development in the City. The move leaves only two of the top five firms–Jones Lang LaSalle and DTZ Debenham Tie Leung–left in Mayfair, the traditional home of the UK property industry but also the world’s most expensive office location.

IRE plans to take 58,000 sf on assignment from present occupier Diageo and is planning to relocate in the first half of next year. It currently occupies around 38,000 sf at Berkeley Square House, where the majority of its leases expire in June 2003.

Martin Samworth, Managing Director of Insignia Richard Ellis, said: “We see Kingsley House as an important investment in our future. We want to set new standards in the way we work together as a team and the way we service our clients. Of all the buildings we looked at to support these changes, Kingsley House was the clear leader. The building is located at the lower end of Wimpole Street, close to many of our existing clients and its design, layout and image fit perfectly with the changing culture and work-style which we are evolving at Insignia Richard Ellis”.

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