Moor House Limited Partnership, a joint venture between Hammerson plc and Henderson Global Investors, has signed a lease with HVB Group, the international banking group, for 9,300 m² (100,000 ft²) of office accommodation at Moorhouse, London EC2.
HVB Group will occupy five floors of the 30,100 m² (324,000 ft²) office building. The total rent is £4.5 million per annum, reflecting an average rent of £45.50 per ft² and a top rent of £47.50 per ft². The lease term is 20 years, with a tenant's break option on the fifteenth year anniversary and a rent free period of 32 months. The lease is subject to upwards only rent reviews every five years.
In November 2004, Hammerson acquired an additional one-third interest in the Moor House Limited Partnership, which owns Moorhouse, increasing its interest in the building to 66.7%. The other one-third interest in the partnership is held by Henderson Global Investors on behalf of Pearl Assurance.
Designed by Foster and Partners, Moorhouse occupies a prominent site at the junction of London Wall and Moorgate in the City of London. The landmark office building is a 30,100 m² (324,000 ft²), 17 storey building, providing floors of between 1,250 m² and 1,905 m² (13,500 ft² and 20,500 ft²). Moorhouse was completed in November 2004 at a total development cost to Hammerson of approximately £123 million.
John Richards, Chief Executive of Hammerson, commented:
"I am delighted to announce this letting, which represents some 30% of the office accommodation. Moorhouse is an outstanding property with a high specification and in a first class location. We are experiencing an encouraging level of interest from potential tenants for the remaining space."
Hammerson and Henderson Global Investors were advised by Jones Lang LaSalle and Strutt & Parker. HVB Group were advised by Drivers Jonas.