Bank of Tokyo has signed up for more than 220,000 sq ft at British Land’s Ropemaker development in the City of London, the biggest deal for the market so far this year and the first pre-let at the scheme.
As tipped by Property Week 24.10.08, the banks two divisions – Bank of Tokyo-Mitsubishi UFJ and Mitsubishi UFJ Securities International – have pre-let nine floors, or 186,518 sq ft in the development, with options for a further 42,654 sq ft.
It has taken the space at an initial rent of £46.50/sq ft, with 48 months rent free, on a 20.5-year lease.
There is a minimum uplift to £52.50/sq ft at the first review in 2014.
Chris Grigg, chief executive of British Land, said: ‘The agreement is very welcome progress, representing some 50 per cent of City office space taken up so far this year, and is in line with our target to let one third of new space prior to completion.’
The 586,000 sq ft Ropemaker development reaches practical completion this summer.
The deal means that up to 38% of the building is pre-let.
The banks are co-locating from Finsbury Circus and 6 Broadgate.
Knight Frank advised BTMU and MUSI; Jones Lang LaSalle and CB Richard Ellis represented British Land.
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