The Great Wigmore Partnership, a 50:50 joint venture between Great Portland Estates plc ("GPE") and SWIP-Real Estate, announces that it has pre-let 29,447 sq. ft. of office space to Bridgepoint Advisers Limited (“Bridgepoint”) in its development at 95 Wigmore Street, London W1.
This is the second pre-let in the building after Lane Clark & Peacock leased 40,000 sq. ft. in November 2012 and leaves only one office floor of 12,890 sq. ft. available.
Works to complete 95 Wigmore Street are currently on site and practical completion is scheduled for July 2013. The 112,700 sq. ft. project will provide 82,300 sq. ft. of offices, 17,900 sq. ft. of retail space in 7 units and 12,500 sq. ft. of residential accommodation.
Bridgepoint, the leading private equity firm, will occupy the fifth to seventh floors of the building and will take a fifteen-year lease, with a tenant only option to break after 10 years, paying rent of £2,661,000 per annum, equating to an average of £90.40 per sq. ft. Bridgepoint will receive an initial rent free from their lease commencement of 18 months, with additional rent free of 8 months if the option to break is not exercised.
Commenting on the transaction, Neil Thompson, Portfolio Director of GPE said, "This further pre-letting in the building means the office space is close to being fully let prior to completion. Occupiers such as Bridgepoint and Lane Clark & Peacock strongly endorse 95 Wigmore Street as a high quality West End development and we have good interest in the remaining office, retail and residential space".
Source: Great Portland Estates