British Land, the UK's second largest REIT, said that the Bank of Tokyo-Mitsubishi UFJ and Mitsubishi UFJ Securities International have signed a pre-letting agreement for up to 38% of its new 586,000 sq ft Ropemaker office development in the City of London, EC2. The 20-storey office building will achieve practical completion in early summer and will see the Bank of Tokyo-Mitsubishi UFJ and Mitsubishi UFJ Securities International take 186,517 sq ft accommodation across nine floors with options for a further 42,654 sq ft.
British Land, the UK's second largest REIT, said that the Bank of Tokyo-Mitsubishi UFJ and Mitsubishi UFJ Securities International have signed a pre-letting agreement for up to 38% of its new 586,000 sq ft Ropemaker office development in the City of London, EC2. The 20-storey office building will achieve practical completion in early summer and will see the Bank of Tokyo-Mitsubishi UFJ and Mitsubishi UFJ Securities International take 186,517 sq ft accommodation across nine floors with options for a further 42,654 sq ft.
Chief Executive Chris Grigg said: 'The agreement is very welcome progress, representing some 50% of City office space taken up so far this year, and is in line with our target to let one third of new space prior to completion. Ropemaker's range of floor plates and roof gardens are on a scale and quality unparalleled in the City.'
The average initial rent is £46.50 (EUR 51.50) per sq ft on a lease term of 20.5 years with a minimum uplift to £52.50 per sq ft at first review in 2014. An initial rent-free period of 48 months from practical completion will be granted to both BTMU and MUSI. Knight Frank advised BTMU and MUSI; Jones Lang LaSalle and CB Richard Ellis represented British Land.
