Charlotte Building Announceme

RNS Number : 5770R

Derwent London PLC

25 August 2010

 

 

25 August 2010

Derwent London plc ("Derwent London" / "Company")

DERWENT LONDON ANNOUNCES CHARLOTTE BUILDING,

LONDON W1, FULLY LET

Derwent London is pleased to announce that the Charlotte Building, 17 Gresse Street, London W1, is now fully let following the 7,400 sq ft (690 sq m) letting to LinkedIn Europe Ltd, an Internet platform company focussed on connecting the world's business professionals. 

LinkedIn has taken the entire first floor on a 10-year lease at a rent of £0.35 million per annum (£47.50 per sq ft / £510 per sq m) with an option to break after five years.  They will join Converse, Unanimis, Icon Entertainment and Brandopus as tenants in the building.

The 47,000 sq ft (4,400 sq m) Charlotte Building is set over seven floors around a landscaped courtyard and is the work of architects Lifschutz Davidson Sandilands.  It was completed in October 2009 and has already been recognised with two prestigious awards - the British Council for Offices award for Best Commercial Workplace in London and the South East and the Royal Institute of British Architects award for architectural excellence in London.

John Burns, Chief Executive, Derwent London, commented:

"We are delighted to welcome another progressive company to the Charlotte Building.  This new development is a good example of our design-led regeneration work, replacing an inefficient, out-dated building with exciting new offices set within attractive public realm.  We are pleased that rental levels have moved forward from the initial letting and that tenant incentives have reduced.  The building is located adjacent to our recent Central Cross acquisition, just to the north of Oxford Street.  This is a locality in which Derwent London has major holdings and one which we have identified as offering significant growth."

-ends-

For further information please contact:

John Burns, Chief Executive, Derwent London: Tel - 020 7659 3000

James Rossiter, Kate Holgate, Brunswick Group: Tel - 020 7404 5959

Notes to editors:

Derwent London plc

Derwent London plc is the largest central London focused REIT with an investment portfolio of £2.15bn as at 30 June 2010. The group is one of London's most innovative office specialist property regenerators and investors and is well known for its established design-led philosophy and creative management approach to development.

Derwent London's core strategy is to acquire and own a portfolio of central London property that has reversionary rents and significant opportunities to enhance and extract value through refurbishment, regeneration and redevelopment.  The group owns and manages an investment portfolio of 5.1m sq ft (475,600 sq m),  as of 30 June 2010, of which 95% is located in central London, with a specific focus on the West End and the areas bordering the City of London. Landmark schemes by Derwent London include: Arup Phases II & III W1, Qube W1, Horseferry House SW1, Johnson Building EC1, Davidson Building WC2 and Tea Building E1.

 

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