Great Portland Estates PLC GPE secures Aldermanbury Square pre-letting (5265G)
16 Novembre 2022 - 8:00AM
UK Regulatory
TIDMGPE
RNS Number : 5265G
Great Portland Estates PLC
16 November 2022
16 November 2022
For immediate release
This announcement contains inside information
GPE secures a substantial pre-letting and commits to 2
Aldermanbury Square, EC2 development
Great Portland Estates plc (GPE) announces that it has pre-let
all 321,100 sq ft of office space at its 2 Aldermanbury Square, EC2
development to leading international law firm Clifford Chance LLP
(Clifford Chance).
Clifford Chance has entered an agreement to lease the lower
ground to twelfth floors, on separate twenty year leases, with
options to break at year fifteen together with additional options
to break at year eight on the fourth floor and year twelve on the
fifth floor. Clifford Chance also has an option to hand back the
first to fourth floors of the building (up to 89,000 sq ft) which
expires on 1 March 2024. The agreement to lease is conditional on
the discharge of two planning conditions (by May 2023) and approval
from the City of London as required by GPE's headlease ahead of
practical completion.
Clifford Chance will pay an initial rent of GBP77.00 per sq ft
(assuming no space is handed back) and will benefit from 38 months'
rent free over the fifteen year terms, with a further three months'
rent free in the event those leases are not broken.
GPE has already commenced demolition of the existing building
and has now committed to deliver 2 Aldermanbury Square, by entering
into a building contract with Lendlease, with completion
anticipated in December 2025. The development will be net zero
carbon, as well as providing expanded public realm and amenity,
along with new retail space.
Toby Courtauld, GPE Chief Executive commented, "We are excited
to be building a new home back in the City of London for one of the
world's pre-eminent law firms and we have enjoyed working with the
City of London, as well as Clifford Chance, to create a best in
class office building. In Clifford Chance we have found a partner
who shares our values and, in particular, our commitment to the
highest sustainability standards, with 2 Aldermanbury Square set to
hit our 2030 sustainability commitments almost five years
early.
This is GPE's largest ever letting and is yet another example of
the enduring attraction of the City of London; as well as the
resilience of the wider central London office market. We are
delighted to welcome Clifford Chance to GPE and look forward to
working with them to create their new global headquarters."
Michael Bates, Managing Partner for Clifford Chance in the UK,
comments: "With our clients, our people and our values at the heart
of our decision making, this represents a truly exciting step for
the firm as we plan our move to a newly built location that meets
the exceptionally high standards that we set ourselves. This
investment ensures we have the space that is fit for our ambitions
of the future and importantly is core to our values and commitments
on sustainability, supporting the firm's longer term environmental
targets."
The person responsible for arranging the release of this
announcement on behalf of GPE is Darren Lennark.
Contacts:
Great Portland Estates plc +44 (0) 20 7647 3000
Toby Courtauld, Chief Executive
Stephen Burrows, Director of Financial Reporting
and IR
Andrew White, Development Director
FGS Global
James Murgatroyd +44 (0) 20 7251 3801
Gordon Simpson
LEI Number: 213800JMEDD2Q4N1MC42
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END
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November 16, 2022 02:00 ET (07:00 GMT)
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