A Time Warner subsidiary has agreed a 98,100 sq ft pre-let at Great Portland Estates and Ropemaker Properties’ 160 Old Street, EC1.
Turner Broadcasting System Europe will occupy the lower ground to third floor of the building on four separate 15-year leases. Turner will pay a rent in line with the September 2017 ERV and a market-consistent incentive package, GPE said in an announcement. The ground and lower ground floors represent 35% of the area of the pre-let.
In addition, GRP has granted Turner options (until March 2018) to either lease an additional circa 12,600 sq ft, or to lease the whole 18,430 sq ft, on the fourth floor at a predetermined rent. Turner also has an option to hand back around 8,200 sq ft on the third floor.
The scheme will provide 155,000 sq ft of offices and 6,700 sq ft of shop and restaurant space, with completion scheduled for March 2018. Some 63% of the offices are now pre-let, leaving around 56,900 sq ft available on the fourth to eighth floors of the building.
It is being developed by the Great Ropemaker Partnership, a 50:50 joint venture between Great Portland Estates and Ropemaker Properties (the property nominee of the BP Pension Fund),
Toby Courtauld, chief executive at GPE said, “We are excited to be working with Turner to create its new London headquarters at 160 Old Street. This pre-letting to such a significant global company is a strong endorsement of the quality of our development, securing 58% of the gross development value four months ahead of completion.”
Giorgio Stock, president of Turner EMEA, commented “This is an exciting move for us putting us at the heart of a vibrant community from which we will continue to operate our growing media businesses.”
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