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Morgan Stanley Signs up for Heathrow Warehouse

LONDON-Morgan Stanley has taken an assignment of the lease on a 246,000-sf warehouse building on Brixton's Heathrow Corporate Park near Heathrow Airport, agreeing a rent of pounds 12.50 ($20) per sf.

By Graham Parker | Updated on November 12, 2002

LONDON-Industrial specialist Brixton has agreed a deal which sees Morgan Stanley take an assignment on the largest building at the HeathrowCorporate Park, near Heathrow. As a condition of taking over the lease from Tyco Networks, Morgan Stanley agreed arental increase from £11.77 ($18.70) to £12.50 ($20) per sf.

Morgan Stanley plans to use the building for telecommunications co-location and equipment housing. The existing 30 year lease on the 246,000-sf warehouse building runs from September 2000 and had a passing rent of £2.9 million ($4.6 million) per annum, which at the time was a record for this type of accommodation in the area.

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