An Indian origin founder of an India-focused hedge fund has broken the United Kingdom’s property market’s record after reportedly agreeing to pay 250 pounds a square foot for his company’s new headquarters at Berkeley Square in Mayfair.
Ravi Mehta, Founder and Managing Director of Steadview Capital Management, which specializes in Indian investments, is preparing to move into a new office in Berkeley Square and the wider Mayfair area which contains some of the London’s most expensive boutiques and restaurants.
Berkeley Square is also one of the most sought-after buildings in central London that is the home of many fund management companies.
The founder reportedly agreed to pay a premium because the company did not need the full floor space on offer.
“It’s such a special building. I think clearly when there’s someone out there that wants something so much they will pay what they need to get it,” a source close to the deal told ‘The Times’.
Mehta founded Steadview Capital Management in 2009 and in the past 10 years the company has grown to USD 2.5 billion in assets under management and employs around 10 people, investing in listed and private firms for a group of institutional investors, household offices and pension funds.
“Steadview is a leading alternative asset manager. The firm makes concentrated long-term investments across multiple industries,” notes the company website.
The 37-year-old Mehta, originally from New York, was graduated from Harvard and was an analyst at the investment bank Morgan Stanley and hedge fund Maverick Capital. He is married to Bollywood actress and model Nicolette Bird.
According to UK media reports, his letting at Berkeley Square eclipses the record office rent paid in New York by the United States hedge fund Citadel, which rents an office in Park Avenue for the equivalent of 230 pounds a square foot.
Hong Kong is the only city in the world which pays the highest office rent, where leading companies pay a rent of an estimated 262 pound per sq ft.
“The record 250 pounds per sq ft rent achieved in the West End comes as no surprise and underscores the depth of demand and the commitment global businesses are willing to make to London, Brexit or not,” said Faisal Durrani of leading London estate agents Knight Frank.
The new London headquarters will be spread across around 2,700 sq ft and the visitors will walk through the reception of the famous Phillips art and design auction house.
