Land Securities Group PLC and The Cadillac Fairview Corporation Limited, co-owners of Thomas More Square, London, E1, announce that they have completed a letting of 192,000 ft² (approx. 17,800 m²) of office and supporting space to News International for a term of up to 10 years.
News International will occupy ground to 10th floors of 3 Thomas More Square totalling some 186,696 ft² at £22/ft², a basement area and 75 car spaces providing a total rent of £4.2 million per annum. The lease offers an initial six month rent free period and a further 12 months available after five years.
Thomas More Square is a business village on the edge of the Square Mile, adjacent to St Katherine Docks and minutes from London City Airport. The property was purchased by Land Securities in 2007 and a 50% share was subsequently sold to The Cadillac Fairview Corporation Limited, a wholly owned subsidiary of the Ontario Teachers' Pension Plan. The estate has benefited from a recent upgrade with the refurbishment of reception areas and office accommodation, modernisation of piazzas and courtyards with cafes and greenery and the installation of energy saving initiatives throughout the buildings.
Commenting on this letting, Francis Salway, Group Chief Executive of Land Securities said; "In what have been challenging occupational markets, we are delighted to have secured one of the biggest lettings of the year with a premium occupier at a sound rental level. We continue to focus on leasing up our space and are confident that the attractiveness of Thomas More Square will continue to appeal to new occupiers."
The letting was transacted directly between Land Securities and News International.
Source: Land Securities