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British Land Achieve First Ropemaker Place Let

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British Land Achieve First Ropemaker Place Let

Published on 27-10-2008 by
Despite an impending recession, British Land has secured the first major pre-let of their under construction Ropemaker Place in the City of London.

Signing up for the scheme is the Bank of Tokio who are currently based on 6 Broadgate, another development controlled by British Land. Their Mitsubishi UFJ Securities International arm currently occupies the building with a lease that was set to culminate in 2013.

One advantage for both the tenant and landlord is that British Land could well be in a position to take back the space at Broadgate earlier than 2013 making it an easier swap for all concerned.

The tenants will be occupying about 15,800 square metres / 170,000 square feet of office space in Ropemaker Place in a deal expected to run for 15 years at £50 per square foot generating approximately £8.5 million a year when it begins.

Macquarie, the Australian banking giant is also understood to be interested in taking space in the building with their requirements set at approximately 27,900 square metres - a substantial amount but not enough space for them to monopolise the building as their corporate headquarters.

Where the Bank of Tokio deal puts Macquarie remains to be seen, but if British Land can balance the requirements of both companies, they could have an almost fully let the building, which would be something of an achievement given the current poor economic climate.

Topped out only last month, the scheme has been designed by Arup Associates. Once finished it will offer two 4,000 square metre trading floors and four levels of roof gardens landscaped by Robert Townsend. The 95.6 metre tall building is due to be completed in 2009.

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