Friday, June 25, 2021
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GPE says “best in class” offices sought after, as new London letting signed

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Great Portland Estates, the London property developer and landlord, has said that one of its joint ventures has agreed a office letting to Lexington Partners.

The FTSE 250 company said the deal is for 9000 square feet at its Hanover Square development. Investment firm Lexington will occupy the second floor of the offices in 1 Medici Courtyard on a 15-year lease, with a option to break at year 10.

The leasing market in the capital has been tough over the last 12 months due to the pandemic.

Scores of office staff in the capital have done their jobs remotely since last March, and a number of bosses are expected to embrace more flexible working in the future.

However, a number of firms are still committing to new modern office space. In December GPE said it had let 17,700 square feet of space at The Hickman development on Whitechapel Road to marketing and communications agency Four Communications Group.

Simon Rowley, head of office leasing at GPE said: “Best in class office space continues to be highly sought after, and that is exemplified by this [latest] transaction and the interest we have from occupiers in the rest of the scheme.”

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