125 Old Broad Street letting
Hammerson PLC
26 March 2008
London Office Letting
Hammerson and its joint venture partners GE Capital and Bank of Ireland have
secured 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) of
office accommodation on levels 1-5 of the building, at £53.50 per ft(2) for 20
years. The annual rent is £4.0 million. A contribution towards fit-out and lease
surrender costs of £11.7 million will be paid to DTZ in lieu of a rent-free
period.
The scheme is now 32% let following the earlier letting of 3,100 m(2) on levels
13-15 of the building to international law firm Gide Loyrette Nouel. Turnbull
and Asser has also signed a lease to occupy a 400 m(2) retail unit. Completion
of the building, which provides 29,700 m(2) of prime office accommodation over
26 floors, is scheduled for May 2008. Following these lettings, 19,700 m(2) of
office 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 Broad
Street, one of the best locations in the City of London. This enables the
company to rationalise its existing London properties. We are seeing encouraging
interest in the remaining tower floors of the building and I am confident that
this 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 class
building which matched the ambitions and drive of the company and 125 Old Broad
Street does just this. By reducing our London estate to three significant
buildings we will be able to offer a more joined up and efficient service for
clients, encourage business synergies and provide our staff with the top quality
accommodation that they deserve. This demonstrates our commitment to continued
investment 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 1000
Andrea Cockram, Corporate Communications Manager Tel: 020 7887 1881
andrea.cockram@hammerson.com
This information is provided by RNS
The company news service from the London Stock Exchange
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