Hammerson, and joint venture partners GE Capital and Bank of Ireland, have confirmed that DTZ will be moving to their major office development at 125 Old Broad Street in City of London.
As revealed by propertyweek.com on 09.11.2007 DTZ has agreed to take 75,348 sq ft on levels one to five of the scheme, the site of the former London Stock Exchange, at a rent of £53.50. sq ft on a 20 year lease. The yearly rent is £4m.
Hammerson said an £11.7m contribution towards fit-out and lease surrender will be paid to DTZ instead of a rent-free period.
The 3198,700 sq ft scheme is now 32% let following the previous letting of 33,400 sq ft on levels 13-15 to law firm Gide Loyrette Nouel. Turnbull and Asser has also signed a lease to occupy a 4,305 sq ft retail unit.
Completion of the building is scheduled for May this year. There is a further 212,000 sq ft of office space available.
John Richards, chief executive at Hammerson, said: ‘This enables the company to rationalise its existing London properties. We are seeing encouraging interest in the remaining tower floors of the building and I am confident that this will prove to be a very successful development.'
CBRE and Strutt & Parker acted for Hammerson and DTZ represented itself.