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United States hedge fund company York Capital Management has spent up big in order to rent office space on Savile Row. The hedge fund has signed a deal agreeing to pay £97.50 per square foot of office space at number 23 on the famous street, a price actually almost double the cost of a tailored suit from the same iconic neighbourhood.
23 Savile Row, part of the D2 Private development which is advised by H2S0 and CBRE, has no less than 7600 square feet of its office space leased by York Capital Management, which should prove to be a fairly costly rental figure once their initial rent free period of 12 months comes to an end.
Analysts believe the extremely pricey deal is strong evidence of just how much overall confidence has returned to hedge funds, as well as a sign that the appeal of the West End of London as a location for business remains as strong as ever. The DW Private development is said to now be intending to market the remainder of the office space at 23 Savile Row – apparently around 25,000 square feet – at a price no less than £100 per square foot. £100 per square foot of office space was once the norm on Savile Row, but rents have fallen considerably thanks to the downturn of the global economy over the course of the last few years.
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