UK property company Wainbridge has agreed new leases with two tenants at BT’s former Midtown office, 120 Holborn, which it asset-manages on behalf of the owner.
Wainbridge said Roubini Global Economics, the economic research firm founded by Nouriel Roubini, and the Money Advice Service, a government-supported independent financial advice organisation, have each signed for 10-year leases.
The pair are taking a combined total of 19,000 sq ft at rents of around £47.50 per sq ft on the 19,200 sq ft fifth floor.
Following on from the recent lettings on the ninth and sixth floors a total of 50,000 sq ft of the 150,000 sq ft office is now let.
Wainbridge is currently undertaking a range of asset-management initiatives at 120 Holborn including working with the local authorities on proposed improvements to the common parts, with new receptions, shower facilities and courtyards, as well as improving the retail and leisure mix in the ground floor units fronting Leather Lane and High Holborn.
Wainbridge’s asset management team currently manages more than 1.4m sq ft of space in London on behalf of Wainbridge’s own funds and other third party investors. These include the owners of One Strand, the 200,000 sq ft property in London’s West End, where Wainbridge is undertaking a major £15m refurbishment and reconfiguration with the tenants in situ.
Jonathan Hardie, head of asset management at Wainbridge, said: “Since taking on the asset management of 120 Holborn, we have made significant progress in improving the tenant mix and making it attractive to tenants, as reflected in the two new leases announced today.”
Montagu Evans acted for Wainbridge on both transactions. Roubini was advised by Devono; the Money Advice Services was represented by Lambert Smith Hampton.
