Hammerson signs leases at N

Hammerson plc has signed a lease with La Société du Figaro, the leading French newspaper, which is part of SOCPRESSE, a subsidiary of Groupe Industriel Marcel DASSAULT, for 20,500 m² (220,700 ft²) of office accommodation at Néo, 14 boulevard Haussmann, Paris 9ème.

The lease term is nine years, commencing on 1 May 2005, with no break option, with a 29 month rent free period. The rent for the office space is €624 per m², subject to annual indexation from 1 May 2006. Hammerson will contribute £1.4 million (€2 million) towards fit out costs.

Néo, 14 boulevard Haussmann, was completed in September 2003 at a total development cost of £194 million (€283 million). Following this letting, only 1,470 m² (15,800 ft²) of the 26,600 m² (286,300 ft²) office building remains available. Existing tenants include: the Embassy of the United States of America; CCF, a subsidiary of HSBC Holdings plc; De Fursac, the retailer; and Hotel Ambassador.

John Richards, Chief Executive of Hammerson, commented:
“At the time of our interim results, I stated that we were experiencing an increased level of enquiries from potential occupiers for this building. I am delighted that we have been able to translate this interest into one of the largest lettings in the Paris CBD market in recent years.”

Hammerson was advised by Strategies and Corp.

Source: Hammerson

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