A record-breaking City rent of more than £100 per sq ft has been achieved at the Leadenhall Building, EC3.
Kames Capital, which currently occupies level 26 of the 48-storey tower, has agreed the rent on an 11-year lease for 7,000 sq ft on level 43.
The deal beats a previous City record of £90 per sq ft, also at the Leadenhall Building, which was achieved in April last year when Austrian shipping broker Affinity Shipping signed a 10-year lease for 6,584 sq ft.
The British Land and Oxford Properties skyscraper, known as the Cheesegrater, is now fully let after two further tenants, MS Amlin and Rothesay Life, committed to taking extra floors.
MS Amlin has taken expansion space on level 27, which provides 13,000 sq ft of offices. Rothesay Life has agreed to take level 32, which comprises 11,000 sq ft.
Two of the three transactions completed after the EU referendum vote.
It comes five years after insurance business Aon Group became the first tenant to take space at the tower.
Tim Roberts, head of offices and residential at British Land, said: “This is a significant milestone, and underlines that our decision to hold our nerve early in the cycle and attract lettings on the upper floors post-completion was the correct one.
“Moreover, to receive commitments from occupiers so soon after the EU referendum is not only a tremendous endorsement of the building; it underlines the enduring appeal of London.”
The rent remains significantly below prime deals in the West End, where last year The Helly Nahmad Gallery signed a 15-year lease to pay £185 per sq ft across 2,959 sq ft of offices at 8 St James’s Square.
Guy Grantham, Colliers International director of research and forecasting, said he expected prime offices to continue to achieve high rents in the current economic climate. He said: “We are seeing plenty of examples of landlords remaining bullish on rents and incentives for the best quality units.”
Cushman & Wakefield and JLL are joint agents on the Leadenhall Building.
