Land Securities and Cadillac Fairview Corporation, co-owners of Thomas More Square, E1 in London, have announced they have completed a letting of 17,830 m[sup]2[/sup] of office and supporting space to media group News International for a term of up to 10 years. Land Secs claims it is one of the biggest lettings in the UK this year.
Land Securities and Cadillac Fairview Corporation, co-owners of Thomas More Square, E1 in London, have announced they have completed a letting of 17,830 m2 of office and supporting space to media group News International for a term of up to 10 years. Land Secs claims it is one of the biggest lettings in the UK this year.
News International will pay a total rent of £4.2 mln (EUR 4.7 mln) per year. The lease offers an initial six month rent-free period and a further 12 months available after five years.
Thomas More Square is a business village on the edge of the Square Mile, adjacent to St Katherine Docks and minutes from London City Airport. The property was purchased by Land Securities in 2007 and a 50% share was subsequently sold to Cadillac Fairview Corporation, a wholly owned subsidiary of the Ontario Teachers’ Pension Plan.
Commenting on the deal, Francis Salway, Group Chief Executive of Land Securities said: 'In what have been challenging occupational markets, we are delighted to have secured one of the biggest lettings of the year with a premium occupier at a sound rental level. We continue to focus on leasing up our space and are confident that the attractiveness of Thomas More Square will continue to appeal to new occupiers.'
The letting was transacted directly between Land Securities and News International.
