The Carlyle Group confirms St James’s Market for new London HQ

The Carlyle Group and the St James’s Market Partnership (a joint venture between The Crown Estate and Oxford Properties) have concluded a landmark West End office letting.


04 December 2015

CGI of St James's Market
St James's Market CGI

The alternative asset manager is to take 60,000 sq ft at the Partnership’s £400m St James’s Market development, relocating from Mayfair’s Berkeley Square in 2016.

The 260,000 sq ft new commercial development between Haymarket and Regent Street St James’s will complete in 2016, comprising 210,000 sq ft of offices set amongst a quarter of an acre of new public space, a pedestrianised square, five  flagship retail units and seven high quality new restaurants.

St James’s Market’s flagship stores and restaurants, revitalised public spaces and cutting edge architecture, will together create a prestigious new business address in heart of London’s West End”

James Cooksey, Head of Central London, The Crown Estate

James Cooksey, Head of Central London at The Crown Estate said: “Attracting a business of Carlyle Group’s stature proves that St James’s Market’s flagship stores and restaurants, revitalised public spaces and cutting edge architecture, will together create a prestigious new business address in heart of London’s West End. We are delighted to welcome Carlyle to St James’s Market and look forward to building a long term partnership with them as we continue to deliver our investment programme for St James’s.” 

Chris Carter Keall, Vice President and Head of Asset Management, Oxford Properties Europe said: “We are delighted that Carlyle has chosen to locate within St James’s Market, a decision that is underpinned by the quality of the building, location and excellent amenities that are being delivered by the partnership at St James’s Market.”

Mayfair and St James’s is one of London’s most renowned business destinations but supply of new offices continues to be constrained. The area is also characterised by its high concentration of banking and finance companies. Key characteristics of the Mayfair and St James’s office market include:

  • The area is traditionally characterised by smaller lettings, the average being just over 11,000 sq ft.
  • Of the top 50 companies in St James’s, almost half are in the banking and finance sector and half of all companies based in the area are related to the financial services industry.
  • Of all the office space leased in Mayfair and St James’s over the last 12 months, around 60% was to finance and banking operators, circa 270,000 sq ft of office space.
  • Supply of new offices remains restricted. Total supply available in the area is estimated at around 788,000 sq ft, 10% below the five year average for the area.  

The St James’s Market Partnership with Oxford Properties builds on The Crown Estate’s £500m investment programme for St James’s, underway since 2010. This investment focuses on regenerating historic blocks complemented with high quality architecture and amenities, to meet the needs of modern occupiers.   

Cushman & Wakefield and Knight Frank acted for the St James’s Market Partnership. Colliers acted for the Carlyle Group.