Bain Capital has agreed one of the largest rental deals ever in London’s West End in a deal that suggests a revival in the demand for business space.

The American private equity group will take around 37,000 sq ft at £90 per sq ft at Devonshire House.

The only West End deal believed to be bigger was when Warburg Pincus signed up for just over 40,170 sq ft at £110 per sq ft at Almack House in St James’s last April.

Rents in the West End have tumbled following the financial crisis as the turmoil engulfed the area’s typical tenants – property companies and hedge funds.

Daily Telegraph