The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Mitsubishi UFJ Securities International plc have signed a pre-letting agreement for up to 38% of British Land's new 586,000-ft² Ropemaker office development in the City of London, EC2.
The 20-story office building, one of British Land's most sustainable City developments yet, will achieve practical completion in early summer and will see The Bank of Tokyo-Mitsubishi UFJ, Ltd.(BTMU) and Mitsubishi UFJ Securities International plc (MUSI) take 186,517 ft² accommodation across nine floors with options for a further 42,654 ft².
Chris Grigg, Chief Executive, British Land, said: "We are delighted to welcome The Bank of Tokyo-Mitsubishi UFJ and Mitsubishi UFJ Securities International, with whom we have longstanding relationships, to our newest City office development. The agreement is very welcome progress, representing some 50% of City office space taken up so far this year, and is in line with our target to let one third of new space prior to completion. Ropemaker's range of floor plates and roof gardens are on a scale and quality unparalleled in the City."
The average initial rent is £46.50/ft» on a lease term of 20.5 years with a minimum uplift to £52.50/ft² at first review in 2014. An initial rent free period of 48 months from practical completion will be granted to both BTMU and MUSI. The banks will be co-locating from their existing buildings at Finsbury Circus and No.6 Broadgate. During Q4 2010, MUSI will surrender 112,000 ft² at No.6 Broadgate, where the lease is due to expire in 2013.
Knight Frank advised BTMU and MUSI; Jones Lang LaSalle and CB Richard Ellis represented British Land.
Source: British Land