In the face of continued upsets in the telecoms sector, two major occupiers have moved to dispose of accommodation in London’s Midtown.
Cable & Wireless, the areas second-largest occupier, and US data and network services provider WorldCom, are both downsizing.
C&W has sold the freehold of Bedford House, 21 John Street, WC1 to Chelsfield for £9m, but will lease back only 734 sq m (8,000 sq ft) of the 3,066 sq m (33,000 sq ft). The remaining space will be let. Michael Elliott acted for Chelsfield. GVA Grimley is advising C&W.
Also this week, Interoute took an assignment of WorldComs lease at the 8,082 sq m (87,000 sq ft) Barnards Inn, Fetter Lane, EC4. WorldCom is now believed to have instructed Farebrother to market its only other major London office building, the 9,290 sq m (100,000 sq ft) Fox Court, Grays Inn Road, WC1.
EGi News 06/09/01
