Letting at Broadgate Tower
British Land Co PLC
12 September 2007
IMPORTANT FIRST LETTING AT 35-STOREY BROADGATE TOWER
Reed Smith Richards Butler LLP, one of the 15 largest law firms in the world,
has signed a pre-letting agreement for 39 percent of British Land's 35-storey
Broadgate Tower development in the City.
Reed Smith Richards Butler accommodation will comprise 155,000 sq ft arranged
over 11 floors - the top office floors from level 23, plus level 3. The signing
represents 38.7 per cent of the available office space in the tower at rents of
£62.50 per sq ft for the top floors and an average initial rent overall of £58
per sq ft for a lease term of 15.5 years. It is the first pre-letting for the
developer-led tower which rises to 540 ft and is on track for completion summer
2008.
Roger Parker, Europe/Middle East Managing Partner, Reed Smith Richards Butler
LLP, said "This transaction reflects Reed Smith Richards Butler's commitment to
the London and European markets. Broadgate is a fantastic creation, and by
signing for space we take a major step towards providing the best environment
for the practice of law."
Stephen Hester, Chief Executive, British Land said: "I am delighted that Reed
Smith has chosen The Broadgate Tower for its London office. The Tower has
sustainability at the heart of its design and provides a scale and quality of
building unavailable anywhere else in the City."
The Broadgate Tower, and the now fully-let adjoining 201 Bishopsgate, are two
buildings that form the latest phase of development at British Land's 30-acre
Broadgate Estate in the City. They represent the largest open market
development ever under taken in the City and are now 70 per cent pre-let.
Notes to Editors
• The Broadgate Tower, offering over 400,000 sq ft, is designed by the
Chicago office of award winning architects Skidmore Owings & Merrill and is
the first tower building in the City designed specifically for the open
market.
• The Broadgate Tower will be one of a small number of new buildings that
will redefine the City skyline and is on track for completion Summer 2008.
The 13 storey adjoining 201 Bishopsgate provides a total 408,000 sq ft and is
let to international law firm Mayer Brown Rowe LLP and the Henderson Group Plc.
• Some 20 per cent of the development by value contains recycled materials
and, coupled with extensive heat recovery equipment and efficient cooling
plant, will deliver emissions almost 50 per cent below average.
• British Land is the largest UK Real Estate Investment Trust (REIT) by
assets (£16.3 billion) with total assets under management of £ 20.4 billion,
as at 30 June 2007.
• The portfolio, focused on the growth sectors of London Offices and Out of
Town Retail, has the longest leases and occupancy rates at 98.6 per cent
which are amongst the highest of the major UK REITs.
• Retail assets account for 55 per cent of the portfolio, 80 per cent of
which is in prime out-of-town locations. Offices account for 42 per cent of
the portfolio of which 97 per cent is London-based and includes a £4 billion
office development pipeline coming to fruition between now and 2011.
About Reed Smith Richards Butler LLP
Reed Smith Richards Butler is one of the 15 largest law firms worldwide, with
more than 1500 lawyers in 21 offices throughout the United States, Europe and
the Middle East.
Founded in 1877, the firm represents leading international businesses from
Fortune 100 corporations to mid-market and emerging enterprises. Its lawyers
provide litigation services in multi-jurisdictional matters and other high stake
disputes, deliver regulatory counsel, and execute the full range of strategic
domestic and cross-border transactions. Reed Smith Richards Butler is a
preeminent advisor to industries including financial services, life sciences,
health care, advertising, media and technology, shipping, international trade
and commodities and real estate.
US: New York, Chicago, Los Angeles, Washington, San Francisco, Philadelphia,
Pittsburgh, Oakland, Princeton, Falls Church, Wilmington, Century City, Richmond
and Leesburg.
UK and Europe: London, Paris, Munich, Birmingham, Piraeus
Middle East: Abu Dhabi, Dubai
Date: Wednesday, 12 September 2007
Further media information
The British Land Company PLC
Laura De Vere - Tel: 020 7467 2920/mobile: 0773 929 2920
Reed Smith Richards Butler LLP
Sara Craddock - Tel: 020 7556 6728
This information is provided by RNS
The company news service from the London Stock Exchange
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