Derwent London Plc (DLN), the landlord that develops mid-priced office space in central London, gained permission for a 125 million-pound ($196 million) redevelopment of the site of Saatchi & Saatchi Ltd.’s London office.
London Mayor Boris Johnson approved the project to build 367,000 square feet (34,100 square meters) of offices, apartments and retail space, according to a statement. The mayor overruled Camden Borough Council’s rejection of the project at 80 Charlotte Street in the Fitzrovia neighborhood.
Advertising firm Saatchi & Saatchi, a unit of France’s Publicis Group SA, rents 200,000 square feet in the building through March 2013. The site will be partially torn down and redeveloped to add floors.
“We look forward to starting on site in 2013,” Chief Executive Officer John Burns said in the statement. The project should be completed in late 2015.
New York-based Saatchi & Saatchi was founded in London in 1970 and is now part of Paris-based Publicis Groupe, the world’s third-largest communications group, according to Saatchi’s website.
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