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Great Portland Rents Out All of London Project Before Completion

Great Portland Estates Plc agreed to rent out all of its 33 Margaret Street office development in central London after reaching a deal with property broker Savills Plc.

Savills agreed to pay annual rent of 7 million pounds ($11 million) for space in the property near Oxford Street, the U.K.’s busiest shopping district, London-based Great Portland said today in a statement.

“This deal continues GPE’s successful run of pre-lettings, taking the total of recent lettings in development properties to over 290,000 square feet,” Great Portland Chief Executive Officer Toby Courtauld said in the statement.

The 95,600 square-foot (8,881 square-meter) Margaret Street building will be completed in October and Savills will take 20-year leases at an average annual rent of more than 73 pounds a square foot. Great Portland had previously agreed to lease about 64,000 square feet of the building to the broker.

Great Portland, which focuses on London’s West End district, held real estate valued at 1.9 billion pounds at the end of last year, a gain of 45.9 million pounds from Sept. 30, the company said last month. The increase was partly due to the previously announced agreement with Savills.

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