Great Portland Estates (GPE) has let all four office floors a total of 14,200 sq ft at its newly refurbished Sackville Street, W1.
The three lettings to US fund manager Cohen and Steers, Icelandic investment bank Straumur-Burduras and investment management group Wolf Asset Management are all on 10-year leases and produce a total aggregate rent of £1.2m per annum, equivalent to £80 per sq ft.
GPE acquired the building from Austin Reed in January 2004, with the retailer taking a short-term lease back on the office space and the 4,400 sq ft ground floor retail space for 25 years at a rent of £0.16m per annum.
The fifth floor consists of 2,600 sq ft of residential space.
Neil Thompson, development director of GPE, said: “To have all four floors at Sackville Street let on clear 10 year leases within 16 weeks of completing the scheme is testament to both the quality of the refurbishment and the strength of the West End market into which we are set to deliver more space over the next few months.”
This month, GPE will complete two other refurbishments, at Bond Street House, Clifford Street, W1 and 70 Gray’s Inn Road, WC1.
Within the next four months a further 142,000 sq ft is scheduled for completion in the West End at 180 Great Portland Street, Elsley House, Great Titchfield Street and Kent House, Market Place.
References: EGi News 19/09/06
