A deal representing 50% of the City of London office space taken up this year has been struck by British Land with The Bank of Tokyo-Mitsubishi UFJ Ltd and Mitsubishi UFJ Securities International PLC.
The office space pre-let deal is for almost 40% of British Land’s Ropemaker office development in EC2 in the City of London. The banks will be relocating from their current London office spaces in Finsbury Circus and No. 6 Broadgate.
The 20-storey Ropemaker office space is a flagship sustainable project for British Land. Designed by Arup Associates, the state of the art building is designed to reduce carbon emissions, and is already on target to achieve 15% lower than those stipulated by building regulations.
The Bank of Tokyo-Mitsubishi UFJ and Mitsubishi UFJ Securities International PLC will take 186,517 square feet of office space at Ropemaker, with offices spanning 9 floors. Under the current agreement, BTMU / MUSI have agreed to take levels one, two and fourteen to 20.
The average initial rent on the office space will be £48.50 per square foot on a 20.5 year lease term, set for a first review in 2014. An initial rent free period of 48 months from practical completion has been agreed.
Chris Grigg, Chief Executive, British Land said: “We are delighted to welcome The Bank of Tokyo-Mitsubishi UFJ and Mitsubishi UFJ Securities International, with whom we have longstanding relationships, to our newest City office development. The agreement is very welcome progress, representing some 50 per cent of City office space taken up so far this year, and is in line with our target to let one third of new space prior to completion. Ropemaker’s range of floor plates and roof gardens are on a scale and quality unparalleled in the City.”
Tags: British Land