15th May 2014 07:03
LONDON (Alliance News) - Great Portland Estates PLC Thursday said its Great Ropemaker Partnership joint venture with the BP Pension Fund's property arm has let out three floors of the new building it built at 240 Blackfriars Road in Southwark, London.
The 236,700 square foot building is mainly being let by media company UBM PLC, but engineering company Ramboll UK Ltd has now let floors one to three in the building, a total of 31,140 square feet. Law firm Boodle Hatfield has also previously let some space at the new building.
Great Portland said the latest deal means that 73% of the office space in the building has now been let, just six weeks after the building was completed.
Ramboll has signed three fifteen-year leases with tenant only options to break at year ten. The total rent will be GBP1,463,627 a year, or GBP47.00 per square foot. Ramboll will receive 33 months rent free and pay Great Portland the equivalent of 12 months rent, should it serve the lease breaks, the property company said.
The company said it has strong interest in the remaining 60,000 square foot in the building.
Great Portland Estates shares were down 0.3% at 660.81 pence early Thursday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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