Search
 

Birmingham Office Forward-Funds On Back Of Prelet

BIRMINGHAM-United Bank of Kuwait has agreed to forward-fund an office 24,000-sf building on Development Securities' Birmingham International Park just as a serviced office provider agrees to lease it.

By Charlie Jacoby | Updated on October 23, 2001

BIRMINGHAM-Development Securities has pulled off a double whammy in Birmingham. Not only has it signed an agreement with United Bank of Kuwait on behalf of its client, Gravitas Holdings, for the £5 million ($7.25 million) forward funding of Wellington House, its 24,000-sf prime office building at Birmingham International Park, but it has prelet the building to serviced office provider Executive Communication Centres. The letting deal was agreed on a 20-year lease at a rent in excess of £18 ($26.10) per sf.

Wellington House is the final development to take place at Birmingham International Park and concludes a development programme in excess of 500,000 sf in recent years at this location. Practical completion is scheduled for Summer 2002.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.