The deal follows a series of negotiations with the building's tenant, BT, which had planned to exercise a break option and vacate the building, contracting its operations into 109,000 sf in the adjoining Meadowside and Network House office buildings. Eventually, it was agreed that BT would stay in the 188,000 sf Westside, taking a new 20 year lease at a headline rent of £19 per sq ft (£35 per sf). And Isis agreed to accept a surrender of the leases on Meadowside and Network House in return for a £1.5 million reverse premium from BT.
Mark Ashton, Director of Property Funds at Isis Property said: "The letting, surrender and subsequent sale within a 6 month period is an excellent example of proactive fund management and proves that working to occupier priorities can also increase value."
Isis Property, advised by Knight Frank, acted for Royal & Sun Alliance Linked Insurances. GVA Grimley acted for the purchaser.
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