Great Portland Estates has pre-let the entire office element of a major refurbishment and extension scheme in the West End of London. The Engine Group, a communication and advertising business, has agreed to take a 20-year lease on 60,000 square feet (5,600 m2) over the basement and five floors at 60 Great Portland Street, W1. It will pay £.3.6 mln (EUR 5.2 mln) annually after a 17-month rent-free period. The rent ranges from £65 per square foot for the fifth floor to £60 per square foot on the first floor.

Great Portland Estates has pre-let the entire office element of a major refurbishment and extension scheme in the West End of London. The Engine Group, a communication and advertising business, has agreed to take a 20-year lease on 60,000 square feet (5,600 m2) over the basement and five floors at 60 Great Portland Street, W1. It will pay £.3.6 mln (EUR 5.2 mln) annually after a 17-month rent-free period. The rent ranges from £65 per square foot for the fifth floor to £60 per square foot on the first floor.

The refurbishment work on the property began in January 2006 and Great Portland expects to be finished at the end of this year. The development also offers 1,800 m2 of showroom space and nine apartments.

Great Portland said the pre-letting to The Engine Group brings the total for the group's second financial quarter to 10,600 m2, generating an annual rent roll of just over EUR 9 mln 'at rents ahead of expected levels'. The central London property investment company owns over EUR 2.5 bn of real estate.