Thought previous reports have insinuated that Saatchi & Saatchi were to move to 63 Clerkenwell Road, the site of the old Turnmills nightclub, it was announced yesterday that its sister agency, the Starcom MediaVest Group, will instead be occupying that space. Saatchi & Saatchi, meanwhile, will relocate from their current Charlotte Street digs to Chancery Lane next year. A spokeswoman for Starcom MediaVest Group has confirmed that they have secured the property, whilst a Publicis Groupe source claims that Saatchi & Saatchi will leave their 80 Charlotte Street home for the heart of the legal district at 40 Chancery Lane.
40 Chancery Lane
Negotiations between the agencies over who would get which building have been ongoing for over a year now, ever since Derwent London agreed to an annual £3.1 million deal for the Turnmill building and an annual £5.7 million deal for the building at Chancery Lane. Both leases are for a term of 20 years, with rent reviews every five years and a rent-free period equivalent to 32 months. There is a tenant’s break in year 18 which, if exercised, will result in a penalty becoming payable. The Turnmill building might be seen as a better site in terms of its location, but the Chancery Lane is almost double the size; 97.400 square feet, as apposed to the 58.200 square feet at the Turnmill building.
Negotiations between the agencies over who would get which building have been ongoing for over a year now
At the time, Celine Thompson, Head of Leasing at Derwent London, said that “Creative companies are playing an increasingly important role in the central London office market.” She felt that creative agencies were drawn to the “Distinctive, design-led spaces which offer high quality working environments and provide good value for money.” She said that Turnmill and 40 Chancery Lane are “Exciting, well-located properties, which provide exactly this type of accommodation.” John Burns, Chief Executive Officer at Derwent London, was “Delighted that Publicis Groupe chose to remain a tenant” of Derwent, and said the transactions meant they had pre-let 74% of their on site projects.
The original 'Pregnant Man' pub
With the extra space afforded by the Chancery Lane property, Saatchi & Saatchi are thought to be partnering with the restauranteur David Moore to re-open their pub; 'The Pregnant Man', so named due to a famous poster from the 1970's for the Family Planning Association. There are no facilities to open a licensed pub at the agency's current location, which. It's expected that unlike the original Pregnant Man (which was only open to Saatchi & Saatchi staff), the new pub will be open to the public.
Official Saatchi & Saatchi UK Website
Official Starcom MediaVest Group Website
Benjamin Hiorns is a freelance writer and musician from Kidderminster in the UK. He has always longed to work for a company who have their own private pub!
