Visa has pre-let a 12-storey, 193,000-sf building on a 20-year lease at an average annual rent of £38.50 ($55.50) per sf. Completion is scheduled for Summer 2002.
Combined with the recent 51,000-sf pre-letting to WJB Chiltern Group, the deal means that over 70% of the office space in Phase 1 of PaddingtonCentral is now pre-let. The 11-acre project will eventually provide 1.9 million sf of mixed use space, including retail and leisure facilities and over 200 apartments. Development finance has been provided by Norwich Union and Equitable Life.
Development Securities' Joint Managing Director, Julian Barwick, said: 'Visa's decision to relocate is the firmest endorsement yet that Paddington is fast becoming a major new business district for London.'
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
