Commodity trader signs at Pontegadea’s Almack House
Commodity trader Gunvor has taken the remaining two floors at Pontegadea’s Almack House in St James’s.
Its new office, at 26-28 King Street, SW1, will extend to almost 25,000 sq ft on the fourth and fifth floors. The lease will run for 15 years at a rent of around £165 per sq ft.
Gunvor will move from its current home at 3 Burlington Gardens, W1, and join tenants including recruitment firm Russell Reynolds and Jordan International Bank.
Commodity trader Gunvor has taken the remaining two floors at Pontegadea’s Almack House in St James’s.
Its new office, at 26-28 King Street, SW1, will extend to almost 25,000 sq ft on the fourth and fifth floors. The lease will run for 15 years at a rent of around £165 per sq ft.
Gunvor will move from its current home at 3 Burlington Gardens, W1, and join tenants including recruitment firm Russell Reynolds and Jordan International Bank.
Pontegadea, the investment group owned by Zara founder Amancio Ortega, bought the 99,000 sq ft property from Grosvenor for £225m in 2016. BNP Paribas and RX are leasing agents for the site.
Gunvor’s most recent accounts for the year ending 31 December 2023 show the company’s profit margin fell to 55% from 69% a year earlier, coming in at around £105.5m.
The company attributed this reduction to the stabilisation of global commodity prices, which experienced “very high price volatility” owing to the war in Ukraine, a weak Chinese economy and a strong US dollar, among other issues.
