The long leasehold interest in 34 Berkeley Square in Mayfair, London, has sold for a price reflecting more than £5,000 per square foot, thought to be the highest price ever per square foot for an office-led transaction in the UK.
It comprises 4,255 square feet, which translates to a price of around £22 million. The building last sold in 2001 for around £5 million. Retail-led assets on Bond Street have changed hands for more than £5,000 per square foot but it is thought is the first office-led building to reach such a price.
34 Berkeley Square became the first office building to be marketed on the exclusive Mayfair square for a decade when it was launched in October 2025. It has been purchased by an undisclosed private European investor for owner-occupation, following what adviser Savills called a highly competitive bidding process.
The seller is understood to be GlaxoSmityKline.
Formerly owned by an undisclosed global corporation, the property has office accommodation over lower ground, ground and four upper floors, accessed via a lift and grand spiral staircase. It was built in 1880 in a Queen Anne style, with terracotta dressings and balustrading. It is also known as 130 Mount Street.
James Purdon, director in Savills Central London Investment team, said in a statement: "This outcome illustrates how significantly – and rapidly – the price of high-quality assets can be impacted when genuine scarcity, international exposure and intense competition are combined.
“Berkeley Square is amongst the most sought-after global property destinations and will be enhanced further following the near-term arrival of both Chanel’s and Blackstone’s European headquarters.”
Last month CoStar News reported listed Hong Kong investor and developer Wing Tai had sold the neighbouring building at 35 Berkeley Square to real estate vehicle Berkeley Square Holdings.
The 7,900-square-foot Grade II-listed office was bought for £26.25 million. Wing Tai said the property had been valued at £13.5 million as of 31 December 2025. It bought it for £19.55 million and a 2.5% yield in 2015. Both buildings are a neighbour of Blackstone's new London headquarters, which are under construction.
According to Wing Tai's filing on the Hong Kong Exchange the buyer is an England and Wales incorporated investor acting on behalf of an overseas investor.