TEACHER MARKS ACQUIRES KNIGHTSBRIDGE'S ONLY NEW BUILD OFFICE SCHEME FOR NEW STAR ASSET MANAGEMENT

Teacher Marks has just advised its client, New Star Asset Management, in the acquisition of 36,800 sq ft of newly developed offices at 70 Brompton Road, London SW3.

The building is currently under redevelopment and is close to completion and represents Knightsbridge's only new office scheme in recent years.   As a result, competition for this property was intense, but Teacher Marks was able to use its market contacts and expertise to ensure that its client prevailed.

Terms have been agreed on the basis of a new 15 year lease at a rental of £85 per sq ft per annum and substantial rent free period.

New Star has instructed Teacher Marks to dispose of three of the floors which are surplus to requirements, each totalling 6,390 sq ft.   Teacher Marks is offering the accommodation at present and has already managed to place one floor under offer and is confident of putting its client in a profit rental situation.

For further information, please contact Simon Garfield