BlackRock exchanges on Drapers Gardens move

BlackRock Investment Management (UK) has exchanged contracts with Canary Wharf Group and Exemplar Developments to occupy the entire 292,418 sq ft Drapers Gardens office development in the City of London, EC2.   As revealed by EG (News, 18 September 2009), BlackRock has taken the lease for a term of 25 years at a rent of £49 per sq ft, with a rent free period of 36 months.   The rent is subject to open market reviews every five years and, in the case of the first rent review, subject to a floor of 2.5% and a cap of 4.5% compounded annually over the preceding five years.   George Iacobescu, chief executive of CWG said: “This project has given us the chance to demonstrate our construction skills on a high quality project in the Square Mile in partnership with the outstanding capabilities of Sir Robert McAlpine Limited.   “There are increasingly few top-quality office buildings available in London, and we are pleased to help provide a world class company like BlackRock with an opportunity to expand into a new office.   “The successful completion and letting of Drapers Gardens further emphasises the position of London as a global business centre.”   Clive Bush, joint founding partner of Exemplar Developments, said: “Drapers Gardens is a first class project and comes from the cohesive collaboration of numerous parties including the Drapers Company, Exemplar, Canary Wharf Group plc and MSREF V.   “The building represents a best in class development, this fact being endorsed by the BlackRock letting completing just two months after practical completion.”   CWG acted as development manager on the Drapers Gardens development. The contracts were exchanged through Mourant & Co Trustees and Mourant Property Trustees as Trustees of the Drapers Gardens Unit Trust.   CB Richard Ellis advised BlackRock; Jones Lang LaSalle and CBRE are letting agents on Drapers. james.buckley@estatesgazette.com