Great Portland Estates lets final office space at Hanover Square

(Alliance News) - Great Portland Estates PLC on Monday said it let the final office space at its Hanover Square development in London to private equity firm Kohlberg Kravis Roberts & Co Partners LLP.

The London-based property developer said New York-based KKR added the fourth-floor offices at 1 Medici Courtyard on a co-terminus lease to KKR's third-floor lease there. KKR also leases the fifth to eighth floors of 18 Hanover Square.

Hanover Square is a 1.3 acre mixed-use development comprising 18 and 20 Hanover Square, 1 Medici Courtyard, and 14 Brook Street.

Great Portland Estates said leasing progress has been ahead of its expectations, completing with an average void of just over three months, at rents ranging up to GBP127.50 per square feet and on an average term of over 13.5 years. It didn't say what KKR is paying for its lease.

Great Portland Estates shares were up 0.2% at 755.00 pence each on Monday morning in London.

By Abby Amoakuh; abbyamoakuh@alliancenews.com

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