Mitsubishi recovers Landsbanki lease and re-lets to Aberdeen (UK)

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

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

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