News International has agreed to rent 11 floors of office space in East London, in what promises to be one of the largest commercial property deals of the year.
The lease will see Rupert Murdoch’s company rent out 192,000 square feet of space at 3 Thomas More Square for an annual rental charge of £4.2 million.
It is thought that the offices, which have been leased from owners Land Securities, will house the news provider’s staff while its Wapping offices are refurbished.
This site has been earmarked by the company for redevelopment into a ‘campus for its UK business’, according to the Guardian
Commenting on developments, Land Securities chief executive Francis Salway 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.”
Signs of recovery in demand for office space in London comes despite a study from BNP Paribas Real Estate (BNPRE) which forecasted that between the end of 2009 and 2014 values will rise by just 13 per cent.