Pinsent Curtis is poised to sign this year’s biggest office deal in Leeds at NatWest’s No 1 Park Row.
The law firm is taking an overriding lease on the entire 7,432 sq m (80,000 sq ft) city centre building at £212.59 per sq m (£19.75 per sq ft). Pinsent is believed to be considering subletting the ground floor for a 10-year term and the first for five years.
According to well-placed sources, the deal includes an incentive package including NatWest buying Pinsent out of its existing lease commitsments at Headrow Court and a collection of properties on Park Square. NatWest could end up either occupying the Headrow Court building itself or trying to assign the lease.
Last year, Royal & SunAlliance pulled out of a deal to take the Park Row scheme.
The deal is something of a coup for NatWest – in recent years, a number of office requirements in Leeds have been shackled to due tenants having difficulties extricating themselves from long leases.
Weatherall Green & Smith is Pinsent’s agent, while DTZ Debenham Thorpe is letting agent.
EGi News 05/03/99
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