Land Securities and Dresdner Kleinwort Wasserstein (DrKW), the investment bank, have completed the property transaction under which DrKW will take a lease at 30 Gresham Street, London EC2, Land Securities´ newly developed building in the City of London.
DrKW will surrender its current portfolio of office space in and around 20 Fenchurch Street, London EC3. It is expected that DrKW will relocate into the new building in early 2006.
The key terms of the 30 Gresham Street lease are:
- A lease over 388,726 sq ft (36,112 sq m) of accommodation, comprising the entire office space in the building
- A lease term of 24 years with reviews in 2008 and every five years thereafter
- The rent will be reviewed to open market on an upward only basis
- DrKW will have the benefit of put options on three floors in September 2008, 2013 and 2018.
The Fenchurch Street Estate
- DrKW will surrender all their interests in the Fenchurch Street Estate
- DrKW will transfer their part freehold interest in the Fenchurch Street Estate to Land Securities
- Should Land Securities redevelop, sell or assign the Fenchurch Street Estate, DrKW will receive an overage payment following practical completion or completion linked to a formula.
Commenting on the transaction, Mike Hussey, Managing Director, London Portfolio said âWe are very pleased to have concluded our negotiations with DrKW â" we are now pressing ahead with our pre-letting campaigns for Bankside123 and New Street Square as well as progressing our development at 120 Cheapside for 181,000 sq ft (16,814 sq m) of new office and retail accommodation.â
Source: Land Securities