Great Portland Estates strikes pre-let deal for central London office
Great Portland Estates PLC on Wednesday said it has pre-let 62,500 square feet of central London office space at rents above earlier estimated rental value.
The London-based property development and investment company said it has pre-let the entirety of the office space at 30 Duke Street in St James’s to private equity firm Clayton, Dubilier & Rice Ltd for a 15-year term.
It said the rents are ahead of ERV in March.
Great Portland Estates said practical completion of the site is scheduled for summer 2026, with the building being delivered to a shell and floor specification.
The company said the agreement to lease to CD&R ‘reflects the strong and sustained demand for best-in-class offices in the core of the West End’.
‘CD&R is one of the world’s leading global investment firms and we are delighted to welcome them to our latest development,’ said Leasing Director Marc Wilder.
‘This letting is a testament to both the exceptional quality of the design of the building and the continued appeal of St James’s as a core destination for the financial sector and we are proud that they have chosen us as their trusted partner to establish their UK headquarters.’
Shares in Great Portland Estates were up 0.9% to 324.50 pence in London on Wednesday morning.
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