Great Portland Estates plc (GPE) announces that it has pre-let all of the office space in its development at Rathbone Square, W1 to Facebook UK Ltd (Facebook).
Facebook has signed an unconditional agreement to lease 21,119 m² (227,324 ft²), representing all of the consented office space at Rathbone Square. Facebook will occupy the building on a 15-year term without break from practical completion to shell and core condition (scheduled for February 2017), paying an initial rent of €23.1 mln (£16.9 mln) after receiving 30 months rent free from completion of the offices and a capital contribution to fit out the building to a Category A condition.
In addition, Facebook has signed a conditional agreement to lease a further 1,436 m² (15,461 ft²) subject only to GPE obtaining planning consent from Westminster City Council (WCC) for a change of use on this space from retail to office, receipt of which would result in a total occupation by Facebook of 22,555 m² (242,785 ft²).
Facebook will occupy the entirety of the office building, known as One Rathbone Square, in GPE’s 38,900 m² (418,698 ft²) mixed use development, which also comprises 142 high quality private residential apartments (of which only ten remain available), and 392 m² (4,222 ft²) of retail around a new public garden square. GPE acquired the site from Royal Mail Group in September 2011 and achieved planning approval in October 2013. Following this pre-letting, 87% by value of Rathbone Square will be either pre-let or pre-sold.
Source: Great Portland Estates plc
