LONDON (dpa-AFX) - Great Portland Estates Plc (GPOR.L), a British property development and investment firm, Thursday said it signed 29 new leases and renewals in the third quarter generating annual rent of 34.3 million pounds. In this, the compny's share would be 33.1 million pounds.
In its leasing update for the quarter to December 31, the company said it signed its largest ever pre-let at 2 Aldermanbury Square, EC2 with law firm Clifford Chance LLP for 24.7 million pounds, 20-year term.
Clifford Chance will pay an initial rent of 77.00 pounds per sq ft on a twenty year term and benefit from an initial 38 months' rent free. Demolition of the existing building has commenced with completion anticipated in December 2025.
The company also anticipate to achieve practical completion at 50 Finsbury Square, EC2 in the coming week, with the lease to Inmarsat, and sale of the building, completing shortly thereafter.
Toby Courtauld, Chief Executive, said, 'We are pleased to announce that the leasing momentum we reported with our Interim Results continued through to the end of the 2022. . With robust demand for the best spaces in central London, we remain confident in the attractions of our highly sustainable, flexible, tech-enabled spaces in a market where high quality product is increasingly scarce.'
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