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Brookfield, the Toronto-based developer and contractor, is seeking a City of London site to build another office tower, following its role on the Pinnacle, this time as developer. A shortage of prime office space may push rents back to their 2007 peak in three years, according to King Sturge. The company’s development unit has seen some “interesting opportunities” for an office building in the City of London, according to James Tuckey, chairman of Brookfield’s European arm. - (11-03-2010)
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Britel Fund Trustees, the investor and part of Postel Properties and Hermes, has submitted a planning application for the redevelopment of 7 & 8 St James's Square and 7 Apple Tree Yard, London, SW1. The scheme envisages 10,511 sq m gross (113,140 sq ft) of offices on basement, ground and five upper floors mainly at 8 St James's Square and 7 Apple Tree Yard, plus four apartments. Net floorspace will be about 8,500 sq m (90,000 sq ft). CB Richard Ellis is advising Britel. - (24-08-2006)
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Ericsson is to move its London-based operations from its current regional office at 1 St James's Square, London SW1 to 105 Wigmore Street, London W1. The telecoms company is thought to have taken about 2,601 sq m (28,000 sq ft) in the top four floors. The move is being made as a consequence of the ongoing "Efficiency program" in the company and was taken after Ericsson reduced its London-based workforce from more than 100 to around 70 staff. It is said that the move will "substantially lower costs". The London offices deals with treasury and vendor finance, strategic global HR operations, and communications functions such as investor relations and marketing and sales operations. - (24-08-2001)
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MEPC, the property company, is said to be close to completing the sale of several London properties to Benchmark for around £250m. The deal could see London overtake Tokyo as the city with the highest office prices. Benchmark is said to have an exclusivity agreement on the portfolio, which includes a 18,580 sq m (200,000 sq ft) block near Cambridge Circus, 90 Long Acre and 12 St James's Square. The Cambridge Circus building is priced at £80m and is let to BT, with about four years remaining on the lease. The property is seen as a possible refurbishment or redevelopment opportunity. The Long Acre building is partly owned by property group Asticus and is priced at £70m. 12 St James's Square, MEPC's former headquarters, is priced at £56m. - (08-10-2000)
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