04 April 2016
The Crown Estate chooses St James’s Market for new London HQ
We have announced we will be moving our headquarters to the landmark £400m St James’s Market development, in early 2017. The St James’s Market Partnership, which has delivered the scheme, is a 50:50 joint venture between The Crown Estate and Oxford Properties.
- St James’s Market is a new business address in the heart of St James’s, just south of Piccadilly Circus. It offers modern, flexible office space over two buildings with outstanding architectural detail.
- The Crown Estate will be joining global private equity firm, the Carlyle Group, who will be moving from Mayfair to occupy 60,000 sq ft over three floors.
- The Crown Estate’s new office will comprise circa 31,000 sq ft and accommodate all of its employees on the 1st floor, supported by a smaller upper level floor with flexible meeting space. This will enable greater collaboration across the business and drive greater operational efficiencies.
- The Crown Estate will move from its current Regent Street offices, totalling around 30,000 sq ft over four floors, and which will be re-let following refurbishment into a strong occupier market.
“Relocating our headquarters to St James’s Market is the next important phase of the business’s on-going transformation and modernisation to deliver market beating returns for the nation”Alison Nimmo, Chief Executive
Alison Nimmo, Chief Executive, said: “Since we began our £1.5bn regeneration programme in 2002 we have transformed the face of London’s West End through landmark developments like St James’s Market, attracting world leading businesses and retailers with modern architecture set amongst historic surroundings and revitalised public spaces.
“Relocating our headquarters to St James’s Market is the next important phase of the business’s on-going transformation and modernisation to deliver market beating returns for the nation.”
St James’s Market – a new destination for London
St James’s Market will create a new business, retail and lifestyle destination in the heart of this iconic part of London and support the re-establishment of St James’s as one of London’s most prestigious addresses:
- With a BREEAM Excellent sustainability target, St James’s Market, comprises two buildings. It has created 210,000 sq ft of new, modern office accommodation, five flagship stores for best in class lifestyle and fashion brands, and seven new restaurants, all set within over half an acre of revitalised public space
- Other leading brands confirmed for St James’s Market include: premium British brand, Jigsaw; Swedish cycling brand Assos; iconic design and lifestyle brand SMEG; and the flagship destination restaurant, Aquavit London.
- More than 40% of St James’s Market’s office space is now let, with 50,000 sq ft over two floors remaining in St James’s Market No. 1 and 66,500 sq ft of world-class office space over seven floors in St James’s Market No. 2
Paul Brundage, Executive Vice President and Senior Managing Director, Oxford Properties Europe said on behalf of the St James’s Market Partnership: “We’re delighted that The Crown Estate has chosen to relocate to our joint landmark development, St James’s Market, which is re-establishing this iconic part of London as dynamic environment for workers and visitors alike. The location of a firm’s headquarters is crucial to its long term success and St James’s Market will offer a winning combination of flexible office space, cutting edge architecture and revitalised public spaces.”
In 2015, The Crown Estate and Oxford Properties announced a £145m extension to the St James’s Market Partnership with the establishment of a new joint venture for a 160,000 sq ft commercial block between St Albans Street and Haymarket in London’s St James’s.
Cushman & Wakefield and Knight Frank acted for the St James’s Market Partnership.
Why has The Crown Estate decided to re-locate offices?
The Regent Street offices have served The Crown Estate well, but the requirements of the business have evolved such that it requires greater flexibility and efficiency as well as more meeting and collaboration space. St James’s Market offers a unique opportunity for The Crown Estate to consolidate the number of floors it occupies, with staff all located on a single floor. This will enable greater collaboration across the business and drive operational effectiveness.
On balance, the decision to relocate to St James’s Market verses the cost and disruption to the business of refurbishing The Crown Estate’s existing accommodation is cost neutral. Our offices in Mayfair will be refurbished to ensure The Crown Estate continues to deliver world class office space into one of the strongest office occupier markets in London.Back to Media & Insights