Fora Strikes Deal To Manage Hedge Fund’s Head Office In Former KPMG Club
Flexible office operator Fora has subleased the former members club set up by KPMG in the heart of Mayfair, and will manage it as a new headquarters for an expanding hedge fund.
Millennium Management has taken a flexible lease on the 40K SF of space at 20 Grosvenor Street, Bloomberg reported.
The deal is notable in that Millennium has taken an entire building managed by Fora, rather than simply leasing its own space.
Fora began subleasing the building in December and fitting it out for Millennium’s occupation, which will be completed by the end of the year, Fora said in a statement.
KPMG opened the members club in the former Mayfair townhouse in 2015 as a facility for its clients, featuring restaurants, a bar and sleep pods.
It paid a rent to then-owner Grosvenor of £104 per SF, equating to about £5M a year. But in 2019, it decided to close the club as part of a cost-cutting exercise. The building was bought by Shaftesbury in 2016 for £96M.
KPMG’s lease on the building runs until 2030. The rent being paid by Fora has not been disclosed.
Fora is owned by real estate private equity firm Brockton Capital and has 20 UK schemes, primarily in London, but also in Oxford, Cambridge and Reading.
