Ark drifts along in tenant hunt

THE Ark, the futuristic glass building in west London which last year celebrated its 10th birthday, is struggling to entice a new tenant on board. It has effectively been on the market for 18 months, following the merger of existing occupier Seagram with Vivendi in 2000.

Technology giant EDS looked at it last year but decided against relocating, leaving The Ark floundering in an overstocked market. Property agent Jones Lang LaSalle has embarked on an expensive advertising campaign extolling the virtues of the nine-storey building. It is asking £31 a square foot or £4.55m a year.

This is not the first time The Ark has failed to find a willing passenger. It was empty for nearly three years after completion in 1991, blighted by the same collapse in the market that left Canary Wharf standing empty. Disney, Virgin and Coca-Cola looked but did not move in before Seagram eventually signed a 25-year lease in 1995.

Experts say the problem for occupiers is its revolutionary design. The open plan tiers encircling a central atrium are meant to encourage a modern working style with plenty of recreation areas, but the building would be difficult to split between different companies.

Hammersmith itself is growing in popularity. Premium offices at The Broadway command £35 a square foot while Sony Ericsson is paying £38.50 for space at the Saunders building on Hammersmith Road.