Minerva leases 13,500 m[sup]2[/sup] to law firm Clyde & Co

UK property company Minerva said it has reached agreement on a 20-year lease with international law firm Clyde & Co in a deal which will provide Clyde with its new headquarters. The agreement is subject to contract and final partner approval at Clyde & Co, which is expected to occur by December 24, 2009.

The pre-letting will see Clyde & Co take around 145,000 sq ft (13,500 m2) of office space at St Botolphs, bringing the total amount of space let at the development to 230,000 sq ft, or around 45% of the total available office space. Clyde & Co will occupy levels 10 to 13 of the building at an initial rent of £48 per sq ft with a rent-free period of 36 months.

St Botolphs is due for completion in summer 2010 and provides 560,000 sq ft of high-quality Grade-A office and retail accommodation in the City of London. The scheme is designed by leading architects Grimshaw.

'This is another significant milestone for Minerva and I am delighted that Clyde & Co has chosen St Botolphs for its London headquarters,' said Salmaan Hasan, Chief Executive of Minerva. 'The announcement is a clear demonstration of an improved outlook for the City office market.'

Minerva is a UK-based property investment and development company with a number of real estate developments, all located in the Greater London area.