4th Nov 2019 11:09
(Alliance News) - Derwent London PLC said Monday it has pre-let a further three floors of office space at 1 Soho Place in west London to Apollo Management International LLP.
Apollo is an affiliate of alternative investment manager Apollo Global Management Inc, and will take the second, third and fourth floors, totalling 83,100 square feet reflecting 43% of office space in the building.
Apollo has committed to a 15-year lease with five-year rent reviews.
Following this deal, 76% of the total commercial space in the development, including 2 Soho Place is now pre-let.
"The fact that we have pre-let virtually all the office space at 1 Soho Place two years ahead of completion and on fifteen-year terms to international occupiers of the calibre of Apollo demonstrates the quality of our product, as well as the re-establishment of the area as a core West End mixed-use location. A position that will be enhanced by the expected opening of the Elizabeth line next year. The pre-letting market continues to be extremely strong across central London," said Chief Executive Paul Williams.
Shares in the FTSE 250 real estate investor - which is headquartered in London - were down 0.1% at 3,548.0 pence on Monday.
By Dayo Laniyan; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Derwent London