Mitsui Fudosan UK and Stanhope have secured the first lease for their prestigious 70 Mark Lane development site in the City of London, committing over 50% of the £140 million (approx. 174 million) development's available office space two years before targeted completion.
70 Mark Lane
Miller has signed up for 85,000 ft² (approx. 7,896 m²)of office space and will occupy the first six floors of the building. An additional nine floors (floors seven to 15) - with 84,000 ft² (approx. 7,803 m²) of prime office space - are still available.
Demolition of the existing buildings on the site has recently been commenced to facilitate the construction of the sixteen-story building, offering 170,000 ft² (approx. 15,793 m²) of prime offices, which benefit from an unusual and attractive design feature of large enclosed south facing terraces on three upper floors (10th, 12th and 14th floor).
The island site, located on the Fenchurch Street Station forecourt, enjoys magnificent views over the Tower of London and Tower Bridge. Designed by Bennetts Associates the scheme allows tenants the opportunity to save overheads by occupying the space at higher than the average density. The development is also targeting a 2011 BREEAM Excellent rating.
Mitsui Fudosan and Stanhope purchased the property in November 2011 for £19.5 million (approx. 24.3 million) from Schroder Property Investment Management, it is targeted for completion by Q3 2014.
Hideto Yamada, Managing Director of Mitsui Fudosan (UK) Ltd, commented:
"We are very pleased to announce this strategically important first lease for this prominent office scheme, as 70 Mark Lane plays a key role in our long-term investment strategy in the London property market. Securing this substantial lease at such an early point into the development of the project showcases once again the ongoing demand for high-quality prime office space in the City of London."
David Camp, Chief Executive of Stanhope, said:
"Miller's early commitment to 70 Mark Lane is a strong endorsement to the product and we look forward to delivering their new headquarters."
Greg Collins, Chief Operating Officer at Miller added:
"We are very pleased to have secured these prestigious new premises which will help underpin our ambitious long term growth plans."
70 Mark Lane is Mitsui's third project on site in London since it announced its expansion into the London development market in 2006 by forming a partnership with Stanhope. Mitsui Fudosan and Stanhope have recently completed their 5 Hanover Square project, a new mixed-use development in Mayfair, and are currently on site with their financial occupier-focused 130,000 ft² (approx. 12,077 m²) scheme at 8-10 Moorgate, targeted for completion in Q1 2014.
Miller was advised by Allsop, while DTZ joint agent with Jones Lang LaSalle acted for Mitsui Fudosan and Stanhope.
Source: Redwood Consulting