(Alliance News) - Great Portland Estates PLC on Tuesday said its joint venture GHS Ltd Partnership has let 9,000 square feet of office space at its Hanover Square development to Lexington Partners LP for its new London premises.
The FTSE 250 property developer and investor said Lexington will occupy the second floor of the offices at the seven-storey property 1 Medici Courtyard on a 15-year lease. The property contains 31,000 square feet of new flagship retail units on New Bond Street, with 33,300 square feet of offices above and the entrance on the newly created Medici Courtyard.
Great Portland said another building on the development, 18 Hanover Square, has already been leased to Kohlberg Kravis Roberts & Co Partners LLP and Glencore UK Ltd. The nine-storey building incorporates the eastern entrance to the Elizabeth Line's Bond Street station, as well as six luxury residential apartments and restaurant space.
"Best in class office space continues to be highly sought after, and that is exemplified by this transaction and the interest we have from occupiers in the rest of the scheme. We look forward to welcoming Lexington alongside KKR and Glencore as they complete their fit outs later this year," said Simon Rowley, head of office leasing at Great Portland Estates.
Last week, Great Portland let the restaurant space located at the development to Colonial Property Co Ltd on a 20-year lease at an initial minimum rent of GBP600,000 per annum.
Shares in Great Portland Estates were up 1.5% at 692.00 pence in London on Tuesday.
By Zoe Wickens; zoewickens@alliancenews.com
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