New Letting at Marble Arch House

RNS Number : 0936O

British Land Co PLC

04 August 2014

 



NERA Economic Consulting signs at Marble Arch House

British Land has completed its third letting in as many months at Marble Arch House, W1, with NERA Economic Consulting due to occupy the 11,500 sq ft third floor of the building.

NERA, which operates from 25 offices worldwide, is relocating its London office from 15 Stratford Place. The company has signed a ten year lease at Marble Arch House at £72.50 per sq ft.

The deal comes just weeks after British Land announced that US industrial group Access Industries will occupy the building's 4,500 sq ft sixth floor. Fulcrum Asset Management was the first occupier to sign at the redeveloped building, agreeing terms on the 9,000 sq ft fifth floor in May.

British Land entered into an agreement with The Portman Estate to purchase and redevelop Marble Arch House in 2011. The scheme, designed by Bennetts Associates Architects, comprises 61,200 sq ft of office space and 15,000 sq ft of retail space. It is adjacent to ten luxury residential apartments built behind the retained period Victorian facade of 62-64 Seymour Street, which have already all been sold.

James Danby, Head of Office Leasing at British Land, said: "Having launched the space in the spring, the leasing programme has gathered real momentum with three significant deals completed in as many months.  The building is close to being 50 per cent let already, but it is the calibre of the occupiers we have secured, such as NERA Economic Consulting, that is most pleasing. We continue to see high levels of interest reflecting the building's excellent design and location."

CBRE and Cushman & Wakefield advised British Land. Levy Real Estate advised NERA Economic Consulting.

Enquiries:

Investor Relations

Sally Jones, British Land                                                020 7467 2942

Media

Giles Barrie, FTI Consulting                                             020 3727 1042

Andrew Scorgie, FTI Consulting                                       020 3727 1458

Pip Wood, British Land                                                   020 7467 2942

Gordon Simpson, Finsbury Group                                    020 7251 3801

About British Land

We are one of Europe's largest publicly listed real estate companies. We own, manage, develop and finance a portfolio of high quality commercial property, focused on retail locations around the UK and London Offices & Residential. We have total assets in the UK, owned or managed of £17.6 billion (British Land share of which is £11.9 billion), as valued at 31 March 2014. Our properties are home to over 1,000 different organisations and receive over 300 million visits each year. Our objective is to deliver long-term and sustainable total returns to our shareholders and we do this by focusing on Places People Prefer. People have a choice where they work, shop and live and we aim to create outstanding places which make a positive difference to people's everyday lives. Our customer orientation enables us to develop a deep understanding of the people who use our places. We employ a lean team of experts, who have the skills to translate this understanding into creating the right places, and we have an efficient capital structure which is able to effectively finance these places.

UK Retail assets account for 53% (pro forma for developments at estimated end value) of our portfolio. As the UK's largest listed owner and manager of retail space, our portfolio is well matched to the different ways people shop today, from major regional shopping centres to single occupier locations. We are focused on being the destination of choice for retailers and their customers by being the best provider of spaces and services. Comprising around 25 million sq ft of retail space across 63 retail parks, 82 superstores, 14 shopping centres, 12 department stores and 77 leisure assets, the retail portfolio is modern, flexible and adaptable to a wide range of formats.

Our Office and Residential portfolio, which accounts for 47% (pro forma for developments at estimated end value) of our portfolio is focused on London. We have an attractive mix of high‑quality buildings in well‑managed environments and a pipeline of development projects which will add significantly to our portfolio. Increasingly, our offices are in mixed-use environments which include retail and residential elements. Our 7.3 million sq ft of high quality office space includes Regent's Place and Paddington Central in the West End and Broadgate, the premier City office campus (50% share).

Our size and substance demands a responsible approach to business. We believe leadership on issues such as sustainability helps drive our performance and is core to the delivery of our overall objective of driving shareholder value and creating Places People Prefer.

Further details can be found on the British Land website at www.britishland.com

 

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