Great Portland Estates has secured its largest ever letting – the 321,100 sq ft pre-let of its office development, 2 Aldermanbury Square, EC2, to international law firm Clifford Chance LLP.
Clifford Chance has entered an agreement to lease the lower ground to twelfth floors, on separate 20-year leases, with options to break at year 15 together with additional options to break at year eight on the fourth floor and year 12 on the fifth floor. Clifford Chance also has an option to hand back the first to fourth floors of the building (up to 89,000 sq ft) which expires on 1 March 2024. The agreement to lease is conditional on the discharge of two planning conditions (by May 2023) and approval from the City of London as required by GPE’s headlease ahead of practical completion.
Clifford Chance will pay an initial rent of £77.00 per sq ft (assuming no space is handed back) and will benefit from 38 months’ rent free over the 15 year terms, with a further three months’ rent free in the event those leases are not broken.
GPE has already commenced demolition of the existing building and has now committed to deliver 2 Aldermanbury Square, by entering into a building contract with Lendlease, with completion anticipated in December 2025. The development will be net zero carbon, as well as providing expanded public realm and amenity, along with new retail space.
Toby Courtauld, GPE chief executive, commented: “We are excited to be building a new home back in the City of London for one of the world’s pre-eminent law firms and we have enjoyed working with the City of London, as well as Clifford Chance, to create a best in class office building. In Clifford Chance we have found a partner who shares our values and, in particular, our commitment to the highest sustainability standards, with 2 Aldermanbury Square set to hit our 2030 sustainability commitments almost five years early.
“This is GPE’s largest ever letting and is yet another example of the enduring attraction of the City of London; as well as the resilience of the wider central London office market. We are delighted to welcome Clifford Chance to GPE and look forward to working with them to create their new global headquarters.”
GPE : Great Portland Estates secures its largest ever letting