British Land Co PLC (BLND) - Two New Office Lettings Secured
RNS Number : 5075R
British Land Co PLC
20 November 2012
BRITISH LAND SECURES TWO NEW OFFICE LETTINGS IN CITY AND WEST END
British Land sign Aspect Capital at 10 Portman Square and
British Land and Blackstone sign up Hill Dickinson at Broadgate Tower
British Land has announced the first letting at its West End development 10
Portman Square. Investment manager Aspect Capital will take up 24,520 sq ft
of office space on the top two floors of the seven storey building.
10 Portman Square, located in London's West End comprises of 113,000 sq ft of
modern office space over seven floors. The building features a curved roof
providing open terraces to the fifth and seventh floor, while unique floor to
ceiling glazing allows natural light to pour in from every direction.
British Land and Blackstone have also announced that global law firm Hill
Dickinson has agreed to let 32,000 sq ft of office space at the Broadgate
Tower. The firm has agreed a ten year lease and are set to occupy levels six,
seven and part of level eight of the 33-storey tower located in the heart of
London's financial district.
Headline rents for the deal are £43.50 per sq ft on levels six and seven, and
£47.50 per sq ft on level eight. Hill Dickinson also has the option to
acquire the remaining 5,400 sq ft of office space on level eight.
The new letting means that the Broadgate Tower is now approximately 92%
occupied, leaving just over 34,000 sq ft of vacant space remaining. Overall
occupancy at Broadgate is 94.7%. The 35-storey 397,000 sq ft Broadgate Tower
is the City's fourth tallest building rising to a height of 165m (540 ft) and
offering stunning views across the London skyline.
Tim Roberts, Head of Offices at British Land said: "These lettings continue to
show British Land's ability to provide quality buildings that modern
businesses want to occupy and is why our portfolio lets so well. Broadgate's
ability to attract firms of the calibre of Hill Dickinson reinforces its
position as the premier office estate in the City, offering an appealing mix
of first class office space and excellent on site amenities and services.
"In our development programme we have transformed an old building facing onto
Baker Street into a prime location on Portman Square and developed it to a
high standard. Aspect Capital join a number of other leading companies
securing space in our developments which are now 56 per cent pre-let."
CBRE advised Hill Dickinson in the transaction, while Jones Lang LaSalle and
Knight Frank acted on behalf of British Land and Blackstone.
Sally Jones, British
Land020 7467 2942
Ant Moore, FTI
Sue Brown, FTI
Pip Wood, British
Land020 7467 2942
Gordon Simpson, Finsbury
Group020 7251 3801
Situated in the heart of the City of London's Square Mile, Broadgate is much
more than a geographical area. It's a dynamic, thriving business community,
home to some of the world's biggest corporations and top professional
practices where over 30,000 people work each day. There are five distinct
areas that make up Broadgate; Broadgate Circle, Exchange Square, Broadgate
Plaza, Finsbury Avenue Square and Bishopsgate. The squares, terraces,
colonnades and piazzas provide a perfect setting for people to meet, eat,
talk, shop, enjoy the entertainment on offer or merely watch the world go by.
About British Land
British Land is one of Europe's largest Real Estate Investment Trusts (REITs)
with total assets, owned or managed, of £16.3 billion (British Land share
£10.4 billion), as valued at 30 September 2012. Through our property and
finance expertise we attract experienced partners to create properties and
environments which are home to over 1,000 different organisations and visited
by over 300 million people each year. Our property portfolio is focused on
prime retail locations and Central London offices which attract high quality
occupiers committed to long leases. Our occupancy rate of 97.3% and average
lease length to first break of 11.1 years are among the highest of the major
Retail assets account for 60% of our portfolio with around 28million sq ft of
retail space across 82retail parks, 92superstores, 13shopping centres and
9department stores. The retail portfolio is modern, flexible and adaptable
to a wide range of formats and our active asset management delivers space
which is attractive and meets the needs of both retailers and consumers. 80%
of our retail parks have open A1 consent.
London offices, located in the City and West End, comprise 35% of the
portfolio (which will rise to an estimated 40% on completion of current
developments). Our 7 million sq ft of high quality offices includes
Broadgate, the premier City office campus (50% share) and Regent's Place in
the West End. Over the last 2 years, we have committed £1.2billion to create
Central London's largest committed office development programme which will
deliver 2.3millionsqft of high quality space by 2014, including a
700,000sqft building at 5Broadgate, the 610,000sqft Leadenhall Building
in London's insurance district and a 500,000sqft mixed office and
residential scheme at Regent's Place in the West End.
Managing our environmental, economic and social impacts is central to the way
we do business and deliver value for our shareholders. We assess the issues
that matter most to us and our stakeholders on an on-going basis and, where
appropriate, adjust our strategic focus to reflect this. We focus on managing
our buildings efficiently, supporting communities, developing sustainable
buildings and engaging our staff. For each of these priorities we are
targeting our efforts and resources at initiatives where we can achieve the
Further details can be found on the British Land website at
This information is provided by RNS
The company news service from the London Stock Exchange
MSCBLBLTMBTBBAT -0- Nov/20/2012 07:01 GMT
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