Leases on both buildings now expire in 2011, and GPE is believed to be exploring a possible tower development on the site It confirmed it is working with architect Kohn Pedersen Fox for a major redevelopment of the combined site, immediately to the south of the proposed Heron Tower.
Willis's new lease is for a term expiring in March 2011 at a rent of £2.659 million ($4.17 million) per annum or £35.13 ($55) per sf which reflects its existing unrefurbished state. In addition Willis negotiated a 33-month rent free period.
GPE Chief Executive Toby Courtauld said: "Over the last 12 months we have beenworking hard in a difficult market to keep our voids down in order to preserverental income and protect valuations. Our current void level is approximately3% against a market average in central London of approximately 10%. In the City, we have consolidated our medium term development ambitions in oneof the strongest locations in the square mile whilst maintaining occupancylevels at almost 100%"
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