16th Nov 2022 11:08
(Alliance News) - Great Portland Estates PLC on Wednesday said it had pre-let all of the office space at its 2 Aldermanbury Square development to international law firm Clifford Chance LLP.
The London-based property developer and investor said it has let all 321,100 square feet of its EC2 site for GBP77.00 per square feet.
Clifford Change will lease the lower ground to twelfth floors on separate twenty year leases, with options to break at year 15 together with additional options to break at year eight on the fourth floor and year twelve on the fifth floor.
Clifford Chance also has an option to hand back the first to fourth floors of the building, up to 89,000 square feet, which expires in March 2024.
The agreement to lease is conditional on the discharge of two planning conditions and approval from the City of London as required by GPE's headlease ahead of practical completion.
GPE has already commenced demolition of the existing building and has now committed to deliver 2 Aldermanbury Square, by entering into a building contract with Lendlease Corp Ltd, with completion anticipated in December 2025.
Chief Executive Officer Toby Courtauld said: "This is GPE's largest ever letting and is yet another example of the enduring attraction of the City of London; as well as the resilience of the wider central London office market. We are delighted to welcome Clifford Chance to GPE and look forward to working with them to create their new global headquarters."
Shares in Great Portland Estates were trading 2.0% lower at 547.00 pence each in London on Wednesday morning.
By Chris Dorrell; [email protected];
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