3rd Jun 2005 10:59
Hammerson PLC03 June 2005 Hammerson and AXA Sign Lease for 13,000 m(2) of Office Space at 9 Place Vendome,Paris 1e Hammerson plc and AXA have signed a lease with Clifford Chance, the leadinginternational law firm, for 13,000 m(2) (139,900 ft(2)) of new office accommodation being developed at 9 Place Vendome. The lease term is nine years,commencing on 1 July 2006, with no break option. The rent for the office spaceis €698 per m(2), subject to annual indexation from 1 July 2006. Clifford Chancewill initially take occupancy of 9,700 m(2) (104,400 ft(2)) of officeaccommodation and has committed to take additional office space, which is shownin the table below: Intended Occupancy Rent Free Period Months Rent Commencement Date Date m(2) 2006 9,700 20 1 March 2008 2008 1,700 12 1 July 2009 2012 1,600 5 1 Dec 2012 13,000 Hammerson and AXA will be responsible for sub-letting the space not immediatelyoccupied by Clifford Chance. In addition, Clifford Chance will occupy 1,100 m(2)of space at the basement level for a cafeteria and use 700 m(2) for storage from1 July 2006 at a rent of €349 per m(2), with a rent free period of 20 months. The redevelopment of 9 Place Vendome, which is being carried out in a 50:50joint venture between Hammerson and AXA, started in January 2004, withcompletion scheduled for April 2006. The development will create 22,200 m(2) ofoffice accommodation and 5,500 m(2) of prime retail behind the world-renownedlisted facades on Place Vendome and on rue Saint-Honore. Two of the eight retailunits, representing 29% of the total projected retail rental income, have beenlet to Anne Fontaine and Brooks Brothers. Hammerson's estimated totaldevelopment cost for the scheme is €126 million (£85 million). John Richards, Chief Executive of Hammerson, commented: "Through this scheme we are creating first class office and retail accommodationin central Paris. I am very pleased that we have signed a lease with CliffordChance for this prestigious building. 9 Place Vendome is a very exciting projectfor Hammerson and will provide one of the most dynamic working environments inParis." Pierre Vaquier, Chairman of AXA REIM France, said: " We are delighted to have brought this historical building to the Hammerson andAXA partnership and to welcome Clifford Chance to 9 Place Vendome, which is oneof the most impressive office redevelopments in the centre of Paris." Hammerson and AXA were advised by CBRE Bourdais and Lefevre Pelletier &Associes. Clifford Chance was advised by AOS (Amadeus Occupier Solutions). For further information: John Richards, Chief Executive Tel: 020 7887 1000 Gerard Devaux, Managing Director, Continental Europe Tel: 00 33 1 5669 3000 Olivia Hall, Corporate Communications Manager Tel: 020 7887 1097 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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