UK real estate investment trust Hammerson and its joint venture partners GE Capital and Bank of Ireland said international real estate advisor DTZ has agreed to lease office space in their major development at 125 Old Broad Street in London. DTZ has signed a lease for 7,000 m[sup]2[/sup] of office space at £53.50 per sq ft (EUR 731 per m2) for 20 years.
UK real estate investment trust Hammerson and its joint venture partners GE Capital and Bank of Ireland said international real estate advisor DTZ has agreed to lease office space in their major development at 125 Old Broad Street in London. DTZ has signed a lease for 7,000 m2 of office space at £53.50 per sq ft (EUR 731 per m2) for 20 years.
The annual rent is £4.0 mln. A contribution towards fit-out and lease surrender costs of £ 11.7 mln will be paid to DTZ in lieu of a rent-free period.
The development is now 32% let after the earlier letting of 3,100 m2 to international law firm Gide Loyrette Nouel and a lease for a 400 m2 retail unit to Turnbulland Asser. Completion of the building, which will provide 29,700 m2 of office accommodation over 26 floors, is scheduled for this May.
CBRE and Strutt & Parker acted for Hammerson and DTZ represented itself.