Savills agrees further pre-let on West End offices
Great Portland Estates has agreed a pre-let on the whole of 33 Margaret Street in London’s West End to Savills. This follows a pre-let agreement in December 2011 for most of the office space in the building.
Savills has now pre-let all the remaining 31,700 sq ft of office space in the West End building, paying £2.59m per year, and will now occupy a total of 95,617 sq ft of offices at the property, paying a total of £6.99m per year, equating to an average rent of £73.17 per sq ft, GPE announced to the London Stock Exchange earlier today. Savills will take seven separate 20-year leases on the ground to seventh floors of the building following completion of its redevelopment in October. The tenth-year tenant breaks previously agreed on the fourth and part-fifth floor leases have now been removed.
Savills’ CEO Jeremy Helsby said the further pre-letting provided the company 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.”
