18th Aug 2025 08:43
(Alliance News) - Great Portland Estates PLC on Monday said it has agreed three new fully managed licensing deals, totalling GBP2.5 million in annual rent.
The London-based office space landlord said the deals covered 11,720 square feet of refurbished office space across 6 St Andrew Street and 31/34 Alfred Place in London.
EKU Energy Ltd took 2,430 square feet at Alfred Place, which an unnamed "world leader" in business news and an unnamed blockchain analytics firm have leased a combined total of 9,290 square feet at St Andrew Street.
The deals resulted in an average annual rent of GBP212 per square feet, which is 2.8% ahead of the properties' estimated rental value in March.
St Andrew Street and Alfred Place are now 74% and 82% let, respectively.
"The strong leasing performance across our fully managed portfolio underscores the appeal of our premium, differentiated offer to leading London businesses. These buildings are striking a chord with our customers and are primed to unlock compelling income and value growth over the medium term," said Chief Financial & Operating Officer Nick Sanderson.
Great Portland Estates has completed eight deals to date under its fully managed portfolio in the second quarter, beating the five deals secured during its first quarter.
Together with the space under offer, fully managed deals total 69,800 square feet and GBP16.5 million in annual rent, which is 6.9% ahead of the March ERV.
Great Portland said it remains confident ahead of the completion of a site at 170 Piccadilly later this month, as it continues to grow its Flex offering of flexible managed offices, which currently comprises around 582,000 square feet across 26 properties in central London.
Shares in Great Portland were up 0.5% at 325.00 pence in London on Monday morning. The stock remains down 6.1% over the past year.
By Emily Parsons, Alliance News reporter
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