Lettings in Sackville Street

Great Portland Estates PLC
19 September 2006



19 September 2006

Great Portland announces £1.2m of lettings in Sackville Street, W1


Great Portland Estates plc ('GPE') announces it has let all four office floors
comprising 14,200 sq ft at its newly refurbished 21 Sackville Street, London W1
at an aggregate rent of £1.2 million per annum (equivalent to £80 per sq ft).

The new tenants are US fund manager Cohen and Steers, Icelandic investment bank
Straumur-Burdaras and investment management group Wolf Asset Management. All
leases are for 10 years with rent free periods of between six and twelve months.

GPE acquired the building from Austin Reed Group Plc ('Austin Reed') in January
2004 at which time Austin Reed took a short term lease back on the office space
as well as a lease on the ground floor retail element (4,400 sq ft) for a term
of 25 years at a rent of £0.16 million per annum. The fifth floor comprises
2,600 sq ft of residential space.

In addition to Sackville Street, GPE will be completing two other refurbishments
this month at Bond Street House, Clifford Street, W1 and 70 Gray's Inn Road,
WC1. Within the next four months a further 142,000 sq ft is scheduled for
completion in the West End at 180 Great Portland Street, Elsley House, 
Great Titchfield Street and Kent House, Market Place.

Neil Thompson, Development Director of GPE said, 'To have all four floors at
Sackville Street let on clear 10 year leases within 16 weeks of completing the
scheme is testament to both the quality of the refurbishment and the strength of
the West End market into which we are set to deliver more space over the next
few months'.


Contacts:

Great Portland Estates plc
Neil Thompson     Development Director     020 7647 3029
Robert Noel       Property Director        020 7647 3043

Finsbury
James Murgatroyd                           020 7251 3801
Gordon Simpson 


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