AstraZeneca move out of West End
August 3rd, 2009 | by Amy Edwards
AstraZeneca are to move from their 
West End offices to Paddington, in a bid to cut costs. The group currently reside at 15 Stanhope Gate, in Mayfair but are following what many other FTSE 100 companies have already done, or will be considering in the near future – a move away from the West End of London. Another household name, J Sainsbury, is also thought to be mulling a move away from it’s iconic glass HQ in Holborn, to a recently redeveloped site in King’s Cross.
AZ’s new location at Two Kingdom Street, is spread over 60,000 sq ft and is owned by Development Securities, Aviva Investors and Quinlan Private. The company is currently having to pay £40 per sq ft in Mayfair, which is lower than the average, £80 per sq ft. This is still well below the 2007 peak of £120 per sq ft. It appears that the appeal of lower rent and being able to distance yourself from the “greedy banker” in the West End image is proving attractive to businesses. The cost of property is now seen as the key factor for companies when looking for office space, when in the past image, prestige and perception by potential and existing staff were higher up the priority list.
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