Tenant secured for Great Portland Street offices
A significant pre-let agreement has been secured on a landmark office building in Great Portland Street, London.
Great Portland Estates plc (GPE) has secured a pre-let agreement with visual effects company Double Negative for offices at 160 Great Portland Street (pictured – website).
The headquarters offices are currently undergoing a complete refurbishment programme and are scheduled to be ready for occupation by May 2012.
Oscar and BAFTA award-winning Double Negative have agreed to a 20-year lease for the whole 85,000 sq ft offices. The 8-storey building was substantially redeveloped during the 1990’s with only the exterior facades retained. The building offers column-free floor plates up to a maximum size of 14,400 sq ft, arranged around a full-height, glazed atrium.
There are both rent-free periods and capital contributions involved in an agreement that equates to a quoted rental price of £59.60 / sq ft on the 1st to 5th floors of the building. In addition, GPE have accepted to surrender the existing lease that Double Negative have on their existing offices at 45 Mortimer Street W1, a 108,000 sq ft office building also owned by GPE.
160 Great Portland Street was up until last April solely occupied by Telewest UK (now part of Virgin Media) who paid £30m to buy out a lease that was due to expire in 2018. The lease termination was agreed in December, 2010 and equated to 6.3 years of the 7.5 years remaining rent.
Commenting on the pre-let agreement Neil Thompson, Portfolio Director of GPE said: “160 Great Portland Street is part of GPE’s 1.9 million square feet development programme, timed to coincide with a shortage of good quality space in central London over the next few years”.
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