Next has signed a five-year deal to move into the newly refurbished 31 Alfred Place in Fitzrovia, Great Portland Estates (GPE) announced on Monday.

GPE said the new 11,500 sq ft office space would complement Next’s existing London offices and the retailer would be moving in at the end of March.

The retailer will occupy four floors of the building, including the lower ground, duplex, third and fourth floors. The deal represents GPE’s largest fully managed deal to date.

31 Alfred Place, which is close to Goodge Street underground station and the British Museum, is 42,000 sq ft in total. This means Next will occupy 27% of the building.

GPE has let 24,500 sq ft (58%) of the building so far at an average rent of £209 per sq ft.

“We are delighted to have completed our largest ever fully managed deal with Next and look forward to welcoming them to the building later this month,” said GPE senior leading manager David Korman.

Property firms including Landsec and Derwent have reported high demand for central London office space in recent months.

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