After months of speculation, GE has officially committed to 100,000 square feet of office space within the Ark.
The technology, media and financial services company own part of the Hammersmith building and will become one of the first tenants in the property which has remained largely empty since it was reopened in 2007. The firm will consolidate staff from offices in Berkeley Square, Berkeley Street and Agar Street. Property Week reports that the deal was closed before Christmas but talks were called off before being re-instated this year.
The latest quoting rent for the building is believed to be around £45 per square foot.
The Ark is owned by GE Capital Real Estate, O&H Properties and developed by Landid. They bought the building for £49.5 million in 2006 and spent £20 million on refurbishment. Despite it being completed nearly 3 years, the commercial property has struggled to secure major tenants.
In July 2009 Open TV signed a deal to lease 7,000 square feet on a 10 year lease. With this latest deal, 57,000 square feet of office space still remains empty within the building.
CBRE advised GE, while Jones Lang LaSalle and Knight Frank are letting agents for the Ark.
Will Spiers, GE spokesperson, said; “Apart from the obvious advantages to our business, we will be able to make best use of the buildings excellent office facilities while benefiting from its impressive Green credentials. It’s a good move for us in many ways.”