Mitsubishi Corporation ("MC") and Mitsubishi Estate Company ("MEC") the joint developers of Bow Bells House, confirm that they have agreed and accepted a lease surrender from the administrators of Landsbanki Islands HF for the 70,000 ft² (6,500 m²) of office space at Bow Bells House let to the failed Icelandic bank.
Bow Bells House, London, UK.
Prior to its collapse, Landsbanki had virtually completed a top quality fit-out but had not occupied the building.
Back-to-back with this transaction MC and MEC have exchanged contracts with Aberdeen Asset Management PLC for the same space on a 15-year lease. The other terms of the lease were not disclosed.
Commenting, MEC's London spokesman, Christopher Joll, said: "In what remains a very difficult market, we are pleased to have both recovered the lease from Landesbanki and simultaneously to have re-let the space to Aberdeen. We believe that this is a reflection of the quality of Bow Bells House, and also reflects the regeneration of Cheapside into a highly desirable office location."
Letting agents for MC and MEC were DTZ and Cushman & Wakefield.
Source: Brown Lloyd James Financial