GRP secures second Bankside Pre-Let (UK)

The Great Ropemaker Partnership, a 50:50 joint venture between Great Portland Estates plc and Ropemaker Properties, the property nominee of the BP Pension Fund, announced that it has pre-let 23,608 ft² (approx. 2193 m²) to Boodle Hatfield in its development at 240 Blackfriars Road, London SE1.

GRP commenced construction on the 20 storey building in January 2012 with practical completion scheduled for March 2014. The 236,555 ft² (approx. 21,976 m²) development will provide 222,239 ft² (approx. 20,646 m²) of offices, 4,556 ft² (approx. 423 m²) of retail space and 9,760 ft² (approx. 906 m²) of residential in ten private apartments in an adjacent building.

Boodle Hatfield, a leading law firm, will occupy the ninth and tenth floors and join UBM plc who leased 105,648 ft² (approx. 9815 m²) in January 2012. Boodle Hatfield will take two ten year leases paying a total of £1,180,400 (approx. €1,385,246) per annum, equating to £50 per ft² and will receive 25 months rent free from lease commencement.

Commenting on the transaction, Neil Thompson, Portfolio Director of GPE said, “This second pre-letting results in 58% of the office space being let so far. We look forward to welcoming Boodle Hatfield to 240 Blackfriars Road, which will be a high quality, prominent office building on completion in March 2014”.

Richard Maughan, Senior Partner at Boodle Hatfield said, “We are looking forward to moving our main office to Bankside which we believe will help us to improve further the service that we provide to our clients and to continue to attract the highest quality talent in our field. 240 Blackfriars will offer a light and modern working environment at the heart of a vibrant business and cultural district. Together with our offices in Mayfair and Oxford, these premises will provide us with a fantastic base from which to continue the growth and development of Boodle Hatfield”.

Source: GPE

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