Great Portland Estates has completed a raft of lettings at Great Portland Street in the West End of London.
51% space taken since November
Since November tenants have signed up to the remaining 51% of space including MJ Mapp which has taken 16,054 sq ft at £60/sq ft on a 10 year lease.
Aegis Group has taken 7,612 sq ft at a £62.50/sq ft on a 10 year lease with a break option at year seven.
St Modwen Developments has taken 7,397 sq ft at £65/sq ft on a 10 year lease and Estee Lauder Cosmetics has taken 7,377 sq ft on a 10 year lease at £67.50/sq ft
Supermarket sweeps last unit
The last remaining space in the 106,000 sq ft building is an 8,000 sq ft retail unit which is under offer to a supermarket operator.
Neil Thompson, development director of GPE said: ‘These final lettings demonstrate that occupational demand remains solid in the West End where 81% of our portfolio by value is located, whilst the quality of the refurbishment has enabled us to generate rental growth of 23% during the letting campaign alone.’
GPE started work on the 81,000 sq ft office refurbishment in January 2006 and finished in early 2007. By November 2007, 49% of the office space had been let at rents ranging from £55/sq ft to £62.50/sq ft.