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London's West End seems to have become the most expensive office space in the world, according to Knight Frank's latest global real estate research on 105 cities. The West End topped £85 per sq ft in late 2010, a 31% increase from the start of the year. This was ahead of the £83.67 per sq ft in Tokyo, which is seeing falling rent levels. The City of London was in 7th place, up from 12th place, with prime office rents of £55 per sq ft. - (04-05-2011)
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DEGI, the German fund, is thought to have paid Henderson Global Investors about £56.5 for Alder Castle House in EC2. Argent originally marketed the building for sale in May 2000 and was expecting to raise about £75m. In early 2001 Henderson, acting for Pearl Assurance, was said to have acquired the building for about £59m. - (21-11-2003)
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Yet another debate on tall buildings got going this week, this time in a UK-wide context. The urban affairs sub-committee of the Commons select committee on transport, local government and the regions, is to hold an inquiry into tall buildings. The committee will examine the role and location of tall buildings and consider if there should be a government policy on them. The inquiry will, in part, consider the role of tall buildings in providing office space for global companies. The committee will also look at impact on views and consider whether buildings should be located in clusters and the if any restrictions should be placed on location. If anyone is not too busy with the Heron Inquiry or the GLA tall buildings policy review then the deadline for inquiry submissions is 17 December. - (01-12-2001)
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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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The mayor of London decided not to direct London Borough of Hackney to refuse the Northgate project, designed by Sidell Gibson for Lehman Brothers. In the decision letter the mayor has said that the 17-storey office and retail development "would contribute to London's global city role". However the mayor also said that he will ensure that the scheme, and the adjoining scheme planned by Railtrack, to not compromise each other when he considers the Railtrack proposals. The Commission for Architecture and the Built Environment (CABE) is thought to be concerned that Hackney failed to consult it on the proposals, which CABE says are "incompatible" with the Railtrack proposals and should be refused. - (02-06-2001)
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Orange, the telecoms company, is said to have pre-let the whole of the 'Point' building at Chelsfield's Paddington Basin scheme at North Wharf Road, London W2 as its global headquarters. The Point has been designed by Terry Farrell & Partners and provides about 20,657 sq m (222,352 sq ft) of office space. Orange is thought to be moving staff from its London offices, Paris and other European cities by the end of 2002. King Sturge is advising Orange. - (20-02-2001)
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