IN BRIEF: Great Portland Estates completes 30 Duke Street development
Great Portland Estates PLC - London-based office space developer and landlord - Completes 30 Duke Street, an office and retail building in the St James's neighbourhood of central London. Great Portland says the development is completed on time, on budget, and fully pre-let. Private equity firm Clayton, Dubilier & Rice LLC makes the building its headquarters, while the retail space is let to menswear brand MJ Bale and restaurant group L'Eto. Average rents are 6.7% ahead of estimated rental value, meaning Great Portland expects a development profit on cost of 37.1%. The company also notes that 78% of 30 Duke Street's steel frame is made from recovered steel, primarily from Great Portland's deconstructed City Place House. This reduced the carbon emissions from the steel frame by 90% compared with entirely new steel. Read More