24th Jan 2005 07:00
British Land Co PLC24 January 2005 24 January 2005 Another Letting at 10 Exchange Square, Broadgate, EC2 The British Land Company PLC has exchanged agreements with Western AssetManagement Company to lease 25,200 sq ft of accommodation on Levels 10 & 11 at10 Exchange Square, London EC2. The lease is to be for a term of fifteen years and is expected to start from 1 May 2005, by which time British Land will have completed its Category Afit-out of the floors. The initial rent of £48 per sq ft rises to not less than£52.50 per sq ft from first rent review. Western Asset Management Company is currently a tenant of British Land at 155Bishopsgate, occupying 8,000 sq ft of accommodation on a short term leaseincorporating a tenant's option to break in March 2006. Western Asset willvacate this accommodation when their fit-out of 10 Exchange Square is completein September 2005. 10 Exchange Square is a newly completed development by British Land of 161,000sq ft of prime office and retail accommodation. It was launched on to themarket in September 2004. Following the earlier letting of Levels 2, 3 & 4 toHerbert Smith, the office accommodation is now 50% let. DTZ Debenham Tie Leung and Jones Lang LaSalle are British Land's joint agentsand are continuing to market the remaining available accommodation. WesternAsset was represented by CB Richard Ellis. _____________________ Review of British Land's Record City of London Office Lettings in 2004 The letting to Western Asset Management Company concluded a successful year forBritish Land in the City of London. At Broadgate, previous 2004 lettings wereAmbac at 6 Broadgate (12,600 sq ft); Bank of Scotland at 155 Bishopsgate (38,600sq ft); F&C Management at Exchange House (20,500 sq ft) and Herbert Smith at 10Exchange Square (43,600 sq ft). Western Asset, Herbert Smith, F&C Managementand Bank of Scotland are all existing tenants on the Estate who have decided tostay and increase their space at Broadgate. Additionally UBS Global Asset Management has taken the entire 70,000 sq ft of 3Finsbury Avenue. Elsewhere, the recently completed offices at Plantation Place are now fully let.Royal & Sun Alliance (36,200 sq ft), Aspen Re (49,600 sq ft) and Wachovia BankNA (51,000 sq ft) all entered into lease agreements and will be joiningAccenture (376,000 sq ft) which entered into a pre-letting agreement before thestart of construction in 2001. British Land has also exchanged agreements to lease the entire 51 Lime Streetdevelopment to Willis (comprising 465,000 sq ft). In addition to the office lettings, British Land has let the remaining vacant A1retail unit at Broadgate to Monsoon (2,300 sq ft) and four units totalling 9,500sq ft at Plantation Place to Molton Brown, Ernest Jones, Chez Gerard and Davys. Total lettings in British Land's City of London portfolio in 2004 were 824,100sq ft. Contacts John Weston Smith, Chief Operating Officer, The British Land Company PLCtel: 020 7467 2899 Edward Orlebar, Finsburytel: 020 7251 3801 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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