2nd Nov 2006 07:01
Land Securities Group Plc02 November 2006 2 November 2006 Land Securities Group PLC ("Land Securities" / "Group") Land Securities ANNOUNCES NEW MAJOR LETTING AT 5 NEW STREET SQUARE Land Securities announces that it has exchanged contracts with Taylor Wessing, aleading European law firm, for the pre-letting of Building Five at its NewStreet Square development on New Fetter Lane, EC4. Taylor Wessing will make 5 New Street Square its UK head office occupying themajority of the building, some 166,000 sq ft, on a 17 year lease. The rentalprofile varies over the building with £50 per sq ft being achieved on the upperfloors. Mike Hussey, Land Securities' Managing Director, London Portfolio commented; "We are delighted to conclude this letting to Taylor Wessing. Legal andProfessional Services occupiers have been target sectors for us in New StreetSquare. This letting further demonstrates the suitability of the accommodationfor them. "The Tower at 6 New Street Square is going to be a breathtaking new addition toLondon's skyline and the completed project will be a new heart for this area ofthe City." Taylor Wessing's Managing Partner Michael Frawley, comments: "Our current home at Carmelite, Victoria Embankment, has served us well for thepast 13 years but we are fast outgrowing it. The move to New Street Square willprovide us with a modern working environment and an excellent platform fromwhich to service our clients. The new office space is also flexible enough toabsorb our future growth and reflects our confidence in meeting our ambitiousgrowth targets." 5 New Street Square is part of the 730,000 sq ft mixed-use scheme, designed byBennetts Associates, which replaces an assortment of post war office blocks withfour contemporary office buildings, all of which open onto a new landscapedcentral square lined by shops and cafes. The letting to Taylor Wessing follows the successful lettings of 2 and 3 NewStreet Square to Deloitte leaving approximately 250,000sq ft of office and circa30,000 sq ft of retail available within the scheme. Savills represented Taylor Wessing. CB Richard Ellis and Jones Lang LaSalle arejoint leasing agents for Land Securities -Ends- For further information please contact: Mike Hussey / Emma DenneLand SecuritiesTel: + 44 (0)20 7024 5460 Stephanie Highett / Dido LaurimoreFinancial DynamicsTel: +44 (0)20 7831 3113 Notes to Editors www.newstreetsquare.co.uk Land Securities Group PLC Land Securities is a FTSE 100 company, quoted on the London Stock Exchange. Ithas been at the forefront of the UK's commercial property industry for over 60years. Today, the Group maintains its market leading position as the UK'slargest quoted property company by providing commercial accommodation andproperty services to a wide range of occupiers. A steadfast commitment to the Capital means that over half of Land Securitiesportfolio, some £5.9 billion, is held in London. Of this, £4 billion is investedin office accommodation. Through a precision-timed development pipeline and acarefully managed portfolio of investments, Land Securities offers the city andits people a broad choice of working environments to suit the needs of modernbusiness. Representing approximately 4% of London's office accommodation, Land Securitiesownership spans the city. From the recently completed development at CardinalPlace, SW1 to our most current planning success at 20 Fenchurch Street, EC3,Land Securities is focussed on the provision of best in class accommodation,meticulous management services and is 100% committed to improving the publicrealm. Familiar landmarks like Piccadilly's Lights, New Scotland Yard and PortlandHouse sit comfortably alongside newer developments which will shape London'sever-changing skyline. Over the next four years, London will see a further £1.5billion investment from Land Securities on new development projects; the mosthigh profile of which sits alongside St Paul's Cathedral at One New Change.Developments at New Street Square, EC4, on the South Bank at Bankside123, ParkHouse in the west end and at One Wood Street in the City will bring Class Aoffice accommodation to all corners of London. Land Securities' increasingly in-demand Landflex offer lends further weight tothe portfolio of products offered to the market. Landflex enables officeoccupiers to tailor their business accommodation requirements to their changingneeds, with flexible leases of specially designed buildings and a range ofcustomer services through the business club model. With properties at theEmpress State building, SW6, Soho Square, Eastbourne Terrace, Aldersgate Streetand our latest acquisition at 47 Mark Lane the Landflex portfolio has expandedto around 750,000 sq ft of flexible accommodation. For more information on Land Securities visit www.landsecurities.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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