UK listed firm Great Portland Estates has restructured its occupational lease with Italian bank Intesa Sanpaolo at 90 Queen Street, London by extending the term certain from under three years to 10 years.
UK listed firm Great Portland Estates has restructured its occupational lease with Italian bank Intesa Sanpaolo at 90 Queen Street, London by extending the term certain from under three years to 10 years.
Following the restructuring, the new lease arrangement has a term of 15 years with a tenant break at year 10 and rent reviews in the fifth and tenth years. The previous lease was for a term expiring in March 2017 with a tenant only break in September 2013. As a result of the renegotiation, the rent payable by Intesa has been reduced. Including the retail space, the weighted average unexpired lease term across the building has increased from 3.8 years to 10 years.
