Octopus inks deal with Norges for London office

The company behind Octopus Energy has signed a deal with Norway’s sovereign wealth fund to take new office space in central London. Octopus Capital – which trades as Octopus Group and has interests in businesses across the energy, investment and real estate sectors – has agreed to prelet the entirety of Norges Bank Investment Management and developer Simten’s 20 Giltspur Street, EC1. The company will take 88,000 sq ft on a 15-year lease with a break option at 10 years. The rent is roughly £8m annually. 20 Giltspur Street was once home to Bank of America as part of its wider London campus. The deal, agreed late last year, will see Octopus move from 33 Holborn, where it was subletting space from supermarket group J Sainsbury. Sainsbury’s, in turn, is now set to move to Ashby Capital’s JJ Mack building, as revealed by EG. Compton and JLL advised Norges. CBRE advised Octopus. Octopus, Norges and Compton declined to comment on the deal. Other parties had not responded to requests for comment by the time of publication. Photo © Vuk Valcic/SOPA Images/Shutterstock