The rent equates to £55 ($77) per sf, for a lease expiring in 2014, with rent reviews in 2004 and 2009. Refurbishment of this newly-let space will be incorporated into the current scheme, at an additional cost of £1 million ($1.4 million), with the work scheduled for completion at the end of 2001.
Derwent Valley bought 21 Grosvenor Place for £25 million ($35 million) in October 2000 and it is now being refurbished to create 56,000 sf of office space.
John Burns, Managing Director of Derwent Valley, said: 'The letting bears out our view that demand still remains strong for qualityoffice accommodation in Central London.'
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