London Councils, the local government body representing London’s boroughs and the City of London Corporation, is relocating to new headquarters at CIT Group’s 12 Arthur Street, EC4.
The organisation is moving from its offices at the 42,600 sq ft 59½ Southwark Street, SE1. It has signed a 10-year lease for 10,205 sq ft on the 4th floor of the grade-A building, at £65.50 per sq ft – or £668,427 per year – and a service charge of £15.52 per sq ft.
James Strevens, head of City agency at BNP Paribas Real Estate, which advised CIT on the deal, said: “With constrained supply in the City and fit-out costs only increasing, demand for high-quality and well-located spaces like 12 Arthur Street continues to grow, particularly within prime City locations. London Councils is a great new tenant for an exceptional building.”
The building, which recently underwent refurbishment by architects Morrow + Lorraine, is now 80% let with just two 10,000 sq ft floors remaining.
Other tenants at the building include Union Bank of India and university campus operator UPP Group.
Devono advised London Councils.
Office lettings in the City Core >>
Image © CIT Group
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