Great Portland Estates (GPOR) has secured a 40,000 sq ft pre-let at its office development on Oxford Street.
The deal is a significant boost to the central London office market as fears around a drop off in demand for office space mount amid the coronavirus crisis.
GPOR has signed up Exane BNP Paribas, which will take 39,970 sq ft of space in total at the development at 1 Newman Street and 70/88 Oxford Street.
Exane BNP Paribas will occupy the fifth, sixth and seventh floors, as well as ancillary basement space as headquarters for its cash equities business. It has signed three separate 15 year leases, completion of which is conditional only upon practical completion and obtaining a change of use of c.400 sq ft of basement from A1 retail space to B1 ancillary offices.
The 119,100 sq ft development comprises 81,200 sq ft of offices (known as 1 Newman Street) and 37,900 sq ft of retail space (known as 70/88 Oxford Street) and is anticipated to complete in Q3 2021.
This development is the latest for GPOR in the east end of Oxford Street (towards Tottenham Court Road) following successful schemes at Rathbone Square, which it let to Facebook for its UK headquarters, and 73/89 Oxford Street.
The area has become a hotspot of development, with the new Crossrail station at Tottenham Court Road set to boost its appeal with office occupiers and increase retail footfall.
GPOR also announced full year results today. Click here for details.
GPOR : Great Portland Estates lands major West End office pre-let