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Tower 42 Letting Underpins City Rents

LONDON-A 19,000-sf letting at Hermes' and Greycoat's Tower 42 estate in the City has provided new evidence that rents in the Square Mile are holding up well despite talk of a downturn.

By Graham Parker | Updated on October 15, 2001

LONDON-Hermes and Greycoat’s Tower Limited Partnership has achieved £65 ($95) per sf in a letting of 18,975 sf of newly-refurbished office space at 20 Old Broad Street, EC2, part of its Tower 42 Estate, to mezzanine financiers Intermediate Capital Group. Intermediate Capital Group Plc has signed a 20-year lease on ground, second, third and fourth floors with four car parking spaces. The remainder of the building was recently let to Top Notch which recently opened a 12,895 sf health club and gym.

The Tower Limited Partnership has recently refurbished and extended 20 Old Broad Street incorporating the development of an additional office storey at fourth floor level.

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