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The Weekly Wrap

Part 9th Floor, 10 Lower Thames Street – LET!

We are delighted to announce that the part 9th floor (5,360 sq ft) at 10 Lower Thames Street has been let on behalf of Northern & Shell to Olivetree Financial Group.

The office was fully refurbished and offers panoramic river views and a large private terrace overlooking Tower Bridge.

For more information please contact Jack Wells (0207 456 0729) or Jonathan Beilin (0207 456 0727)

Central London office take-up continues to rise despite Brexit

Despite the on-going chaos surrounding the UK’s withdrawal from the EU, the fight for Grade A office space in central London continued into the final quarter in an increasingly supply-hungry market.

European and North American companies such as Apple, Cisco, Uber and Salesforce are demonstrating their commitment to London. Each are in talks at various buildings for a take up of as much as 500,000 sq ft.

LaSalle Investment management and Citygrove are in negotiations to sign U.S. technology giant Cisco for 100,000 sq ft across the top four floors of 60 London Wall, which topped out in August in the City.

Business reports have indicated this week that the U.S. ridesharing company Uber is monitoring the building for its requirement of about 100,000 sq ft.

Citygrove and LaSalle received approval in July 2017 for a 325,000 sq ft 10-story Grade A office refurbishment and newly reconfigured ground-floor retail space of 20,000 sq ft. The renovation of the property will provide 30% more floor space than the original building.

Negotiations have pushed forward with Cisco in a sign of the strength of competition for prime space as Rabobank has focused its attention on HB Reavis’s Bloom in Clerkenwell, where it has entered talks to take 90,000 sq ft.

The above follows CBRE’s confirmation that there was 4.4m sq ft under offer at the end of the third quarter.

Middlecap buys leasehold from Sellar at London's Seal House

Located next to London Bridge, Seal House is a 1970’s office building on the Thames north bank and marks the second property investment in the UK from MiddleCap.

Eric Parry Architects planned two different schemes for the renovation of Seal House, which was completed in 1978, including refurbishment proposal.

Planning was granted for a renovation that would create more than 200,000 sq ft of office, retail and restaurant space and include a public roof garden with fantastic views over the Thames and the City.

MiddleCap’s UK Managing Director, Jonathan Crawley, said: “We are delighted to have acquired Seal House and expand our UK property portfolio. We look forward to working with the Sellar team and will now consider which of the development options to take forward for this fantastic riverside site.”

MiddleCap’s other UK property development is the 70,000 sq ft Southworks in Rushworth Street, Southwark which is due to complete towards the end of 2020.

22 Bishopsgate has more tenants lined up

Global insurance firm Canopius has signed for two floors at AXA IM – Real Assets’ 22 Bishopsgate, EC2.

This will be its new UK headquarters as it has taken a 10 year lease for 50,000 sq ft on the 29th and 30th floors of the 62 storey building. Canopius is expected to move into the offices in 2020.

The agreement brings the total amount of space prelet at 22 Bishopsgate to more than 580,000 sq ft.

Other tenants confirmed include office group Convene, law firm Cooley and data analytics provider Versk, while Apple is also reportedly looking to take 100,000 sq ft while it waits to complete its headquarters at the Battersea Power Station, SW8.

AXA IM – Real Assets said it is in “advanced discussions with several other occupiers” and expects to make further announcements shortly.

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