Out-Law News 1 min. read
20 Aug 2012, 3:41 pm
British Land said that the extensions related to 400,000 sq ft of space at Exchange House, 10 Exchange Square and The Broadgate Tower. These deals combine to add a year to the weighted average lease length of the office estate to 8.5 years to first break, or 10.3 years to expiry, British Land said.
F&C Asset Management has 'regeared' its lease at Exchange House. It will occupy 54,000 sq ft of office space over floors seven and eight for a 15 year term until 2027. This includes a minimum uplift of £48.50 per sq ft on the 7th floor.
Law firm Herbert Smith has also regeared its leases of Exchange House and 10 Exchange Square, extending its occupation of 315,000 sq ft of office space for 10 more years until 2030.
The new lettings agreed for the Broadgate Tower include: Banco Itau, the Brazilian Banking Group, which has taken an additional 12,000 sq ft of office space for 8.75 years, on a basis of 22 months rent free, and; Itochu, the Japanese Trading Company, signing up to an additional 6,000 sq ft at a headline rent of £62.50, with 18 months rent free for a term until December 2020.
Another recent deal includes USB's move to 700,000 sq ft of space at 5 Broadgate, let for an average of 18.2 years.
Tim Roberts, head of offices at British Land, said: "These deals demonstrate how we are working with our existing occupiers to help them consolidate and grow in challenging conditions".
Over 30,000 people work in the business estate at Broadgate. The development was built in phases over the last 25 years and covers over 30 acres. The development comprises 16 buildings set around four landscaped squares which incorporates over 4 million sq ft of Grade A office, retail and leisure accommodation. Located at Liverpool Street transport interchange, the estate attracts circa 150,000 people every weekday.
