Private equity firm TPG has signed a deal to relocate its European headquarters to a new development opposite Selfridges department store on Oxford Street.
The US-based firm, which is currently based at 5-7 Carlton Gardens in London’s St James, has agreed to take the entire fifth floor of Park House on a 15-year lease, the building’s owner REM asset management said yesterday.
It is understood to be paying a rent of around £92 per square feet.
The futuristic-style building between Bond Street and Marble Arch has 39 luxury flats at the top as well as 165,000 sq ft of offices and shops including Urban Outfitters on the ground floor.
TPG’s move to new offices follows an acquisition spree that has seen it increase its foothold in Europe and the Middle East. The company recently bought a majority stake in Poundworld, restaurant group Prezzo and Saudi fast food chain Kudu.