26th Mar 2008 09:40
Hammerson PLC26 March 2008 London Office Letting Hammerson and its joint venture partners GE Capital and Bank of Ireland havesecured the second letting for their major development at 125 Old Broad Street,London EC2. International real estate advisor DTZ has signed a lease for 7,000 m(2) ofoffice accommodation on levels 1-5 of the building, at £53.50 per ft(2) for 20years. The annual rent is £4.0 million. A contribution towards fit-out and leasesurrender costs of £11.7 million will be paid to DTZ in lieu of a rent-freeperiod. The scheme is now 32% let following the earlier letting of 3,100 m(2) on levels13-15 of the building to international law firm Gide Loyrette Nouel. Turnbulland Asser has also signed a lease to occupy a 400 m(2) retail unit. Completionof the building, which provides 29,700 m(2) of prime office accommodation over26 floors, is scheduled for May 2008. Following these lettings, 19,700 m(2) ofoffice accommodation remains to be let on levels 5-12 and 16-26. John Richards, Chief Executive of Hammerson, said: "We are pleased to provide the new global headquarters for DTZ at 125 Old BroadStreet, one of the best locations in the City of London. This enables thecompany to rationalise its existing London properties. We are seeing encouraginginterest in the remaining tower floors of the building and I am confident thatthis will prove to be a very successful development." Robert Peto, DTZ UK & Ireland Chairman said: "In the search for our new global HQ we were looking to occupy a world classbuilding which matched the ambitions and drive of the company and 125 Old BroadStreet does just this. By reducing our London estate to three significantbuildings we will be able to offer a more joined up and efficient service forclients, encourage business synergies and provide our staff with the top qualityaccommodation that they deserve. This demonstrates our commitment to continuedinvestment in our people and our infrastructure" CBRE and Strutt & Parker acted for Hammerson and DTZ represented itself. Enquiries:John Richards, Chief Executive Tel: 020 7887 1000Andrea Cockram, Corporate Communications Manager Tel: 020 7887 1881 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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