Helical and Morley Secure Pre-Let at 40 Berkeley Square

Morley Fund Management (“Morley”) and Helical Bar plc (“Helical Bar”) today announced the pre-letting of part of their development at 40 Berkeley Square, London W1 to The Blackstone Group, a leading international investment and advisory firm.

The development, a joint venture between Morley and Helical Bar, is currently under construction and is due to be completed in March 2004. Formerly the site of the J Walter Thompson building, the new offices overlook the West End’s premier square and will be of top quality specification, including a new contemporary Portland stone façade. Designed by Hamilton Associates, the building will offer a total of 75,000 sq ft of office space over nine floors, with eight car parking spaces available to tenants. The Blackstone Group will take occupation of the top three floors totaling approximately 20,000 sq ft.

Gerald Kaye, Development Director of Helical Bar, commented, “There is no doubt that Berkeley Square is one of the best-known locations in the West End and the development we are undertaking is designed to appeal to national and international businesses looking for top quality office space. The speed with which we have secured our first pre-let and the fact that we have not undertaken any marketing but were approached direct by The Blackstone Group, is a strong indication that there is still a healthy market for prime space in the West End.”

Andrew Peacock of Morley Fund Management added, “It is reassuring that high quality accommodation in prime locations can still attract tenants on good lease terms in the current letting market.”

Stephen Schwarzman, President and CEO of The Blackstone Group commented, “We are delighted to have secured the top floors of 40 Berkeley Square for our European operations. The building meets our key criteria of top quality, new office space with a highly efficient floorplate, in a prime location.”

The letting agents are Insignia Richard Ellis, Knight Frank and Strutt & Parker. The Blackstone Group was advised by DE & J Levy.