19th Feb 2026 14:10
Great Portland Estates PLC - London-based office building developer and landlord - Says all 28,700 square feet of fully managed space, in phase one of the repositioning of its City Tower asset, is now fully let or under offer. Expects lettings to deliver GBP5.3 million in annual rent at an average of GBP186 per square foot, which represents a 6.6% beat to the estimated rental value as of March last year. Says the second phase, covering another 19,900 square feet, is scheduled to launch next month. "In total, 48,800 sq ft, representing around half of the 21 storey building, will have been converted to our fully managed offer," Great Portland says. Adds that the upcoming launch of the next phase of office conversions marks a significant step in City Tower's repositioning into a best-in-class, fully managed asset. Also, Great Portland's adjacent 2 Aldermanbury Square development, which it has pre-let to international law firm Clifford Chance. Expects to complete the deal this month.
Great Portland's Flex Leasing Manager Anna Tweed comments: "We are greatly encouraged by the strong levels of enquiries for our fully managed spaces across the GPE portfolio, and we are delighted to have translated this interest into successful leasing at City Tower. Demand for high quality, well connected workspace in the City of London remains robust, and these lettings demonstrate that City Tower is well positioned to provide the fully managed environments our customers are looking for."
Current stock price: 338.50 pence, up 0.7% in London on Thursday
12-month change: up 19%
By Emma Curzon, Alliance News reporter
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