Great Portland Estates has let its 25,500 sq ft Skylight podium space at City Tower, Basinghall Street, EC2.
Skylight was let only three months after practical completion to Porta Communications for 15 years with a tenant break in year 10. It will pay a rent of £1m pa, equating to £39.50 per sq ft.
The deal follows the letting of the 21st floor of City Tower in October to PH Media on a 10-year lease with a break at the fifth year, paying £60 per sq ft.
Elsewhere across the portfolio, a further 29,000 sq ft of office and shops were leased during December, bringing the total for the month to 54,500 sq ft at average rents 7.5% and 5.9% ahead of the valuers’ March and September 2013 ERVs respectively.
These transactions included lettings to Heineken UK at £65 per sq ft at Elsley House, Great Titchfield Street, W1, and Metapack paying £50 per sq ft at 200 Gray’s Inn Road, WC1.
Taken together, these lettings generate £2.4m in new rent annually, of which GPE’s share amounts to £1.5m.
Chief executive Toby Courtauld said: “We are delighted to welcome Porta Communications and PH Media to City Tower.
“Our refurbishment has completely transformed the building to create light and efficient space and we are confident that the remaining space will let well.
“We are also pleased to have finished 2013 with strong leasing across the portfolio, ahead of ERV, and we expect to continue this positive momentum during 2014.”
nick.whitten@estatesgazette.com
