Think-tank prelets in Southwark
The Overseas Development Institute has prelet McKay Securities’ 203 Blackfriars Road development.
The think-tank has taken a 12-year lease at £41 /sq ft in the building, which is being refurbished.
The ODI will receive 24 months rent free from completion of the lease.
Simon Perkins, managing director of McKay, said: “Recent investment in local infrastructure and amenities has attracted occupiers to the Southwark area, contributing to a low vacancy rate for Grade A product.
“The letting has justified our confidence in the prospects for this area by capitalising on these market improvements, securing a significant uplift over the rental value prior to refurbishment.
EA Shaw and Savills represented McKay. Carter Jonas represented the Overseas Development Institute.