Property broker Savills has agreed to pre-let the remaining space within London offices to let on Margaret Street. The agreement means Great Portland Estates has now successfully pre-let all space within the building which is currently being refurbished.
Savills has helped Great Portland Estates to report full pre-letting at one of its properties containing London offices to let in the West End.
Following an agreement to lease the majority of 33 Margaret Street in December 2011, Savills has now committed to the rest of the space in W1. The agreement means the property is now 100% pre-let, despite the fact it is not due to be completed until October.
Once the current refurbishment is finished in Autumn, Savills will take seven separate 20 year leases on each of the ground to seventh floors within these London offices to let. In total the firm is expected to pay around £6.99 million for just over 95,000 sq ft of office space, with an average rent of around £73 per sq ft.
Commenting on the decision to take further space at 33 Margaret Street, Savills CEO Jeremy Helsby said: “This further pre-letting in this high quality building now provides us with the security and flexibility of additional accommodation to satisfy our intended future expansion, whilst also giving us the right to manage and control the building. It is a further endorsement of the strength of the Savills business going forward.”
Located close to Oxford Street, 33 Margaret Street will become the new home of Savills’ West End teams in 2013 which are currently based at London offices to let in Grosvenor Hill and Lansdowne House.
GPE Chief Executive Toby Courtauld said in a statement: “We are delighted that Savills have now taken the whole of 33 Margaret Street. This deal continues GPE’s successful run of pre-lettings, taking the total of recent lettings in development properties to over 290,000 sq ft at 33 Margaret Street, 160 Great Portland Street and 240 Blackfriars Road.”
This decision is clearly great news for Great Portland Estates and Savills as well as the London office market as a whole.
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