Flex office provider eyes KPMG private members’ club
KPMG is in early discussions with flexible workspace provider Fora to sublet Number Twenty, its five-storey private members’ club in Mayfair.
The professional services firm had appointed JLL in autumn last year to find a tenant for the 43,000 sq ft townhouse at 20 Grosvenor Street, W1.
It has a lease on 36,909 sq ft of space in the building until February 2030 with a break in 2025 that is subject to upwards-only rent reviews.
KPMG is in early discussions with flexible workspace provider Fora to sublet Number Twenty, its five-storey private members’ club in Mayfair.
The professional services firm had appointed JLL in autumn last year to find a tenant for the 43,000 sq ft townhouse at 20 Grosvenor Street, W1.
It has a lease on 36,909 sq ft of space in the building until February 2030 with a break in 2025 that is subject to upwards-only rent reviews.
If the deal proceeds, it will mark Fora’s first location in the submarket.
Currently Fora has 11 locations across central London, including one in Fitzrovia and one in Soho. It is due to open another in Fitzrovia, W1, this year and a second location in Shoreditch, E1, next year.
In 2016, a client of Luxembourg-based fund Shaftesbury Asset Management bought a 125-year long leasehold interest for the property from Grosvenor for £96m.
At the time, the building was generating £4.3m per annum in rent, equalling £104 per sq ft.
A spokesperson for Fora said: “We are continuously reviewing opportunities to grow our presence in London and beyond, and the continued growth of our portfolio is central to our plans for the coming years. However, we don’t have any such acquisitions agreed, or any news on this front to announce at present.”
KPMG declined to comment.
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