Great Portland Estates plc (LON:GPE) has secured three further lettings at City Tower, EC2, taking leasing of the recently refurbished space to 69%. The deals, which total 13,600 sq ft, were signed at an average premium of 3.1% to ERV, underlining continued demand for GPE’s Fully Managed offer.
With the latest space complete, the building provides 43,000 sq ft of Fully Managed space which is expected to deliver £8.5 million of annual rent at an average of £198 per sq ft (once fully let).
City Tower is being repositioned into a best-in-class Fully Managed asset in the heart of the City, within a short walk of Moorgate, Bank and Liverpool Street underground stations. GPE has now committed to deliver a further 43,600 sq ft of Fully Managed offices, alongside a new entrance, café, gym and meeting room suite. Upon completion in early 2027, around 90% of the building will have been converted.
Simon Rowley, Leasing & Flex Workspaces Director at Great Portland Estates, said: “These lettings underline the pace of demand for our Fully Managed offer and our ability to convert that demand into rental income quickly. At City Tower, we are delivering exactly what our strategy is designed to achieve, repositioning well located assets into flexible space that drives income growth and creates long term value.”
