Great Portland Estates has agreed to let 60,887/sq ft of offices in its development at Wells & More on 45 Mortimer Street in London’s West End to New Look.

The fashion retailer, as tipped by Property Week last week, will take 15-year leases on the lower ground, ground and first to third floors and pay £2.58m a year, after a rent free period of 15 months.

The rent on the above ground office floors equates to £49/sq ft. The leases will have tenant break clauses at the fifth and tenth year, with a penalty equivalent to 15 months and 7 months rent respectively payable by the tenant on operation of the breaks.

New Look will also receive £2.5m in capital contribution from Great Portland Estates paid over the first six months of the lease.

Great Portland Estates began work on the 112,760 sq ft mixed use development in October 2006 and completed the building last week.

In addition four of the six residential flats, 14,383 sq ft of retail space and 32,310 sq ft of office space on the fourth and fifth floors remain available.

Toby Courtauld, chief executive at Great Portland Estates, said: 'To have let the majority of the office space to a company of New Look's standing and reputation within days of finishing the building is a real testament to its quality'.

CB Richard Ellis advised New Look.