Landmark takes space at Portman House

Serviced office provider Landmark has let 40,000 sq ft at Portman House, 2 Portman Street, W1, pushing its portfolio to more than 1m sq ft. It has taken over the third and fourth floor at the building, which was previously let to Cluttons. The property is owned by the Libyan government, which acquired the property through a subsidiary of the Libyan Investment Authority, called Kinloss Property, from Landsec in 2009 for £155m, reflecting a yield of 7%. Since 2011 Kinloss Property, which acts as the managing agent and asset manager for Portman House, has been subject to financial sanctions, including asset freezes, by the European Union, which effectively means HM Treasury reportedly oversees the rent and accounts for the property. Cluttons has taken 15,000 sq ft on the sixth floor, which was recently vacated by American energy firm ConocoPhillips. The landlord was originally seeking 10-year leases at a quoting rent of £65 per sq ft. Ashwell London and James Andrew International advised the landlord. Lambert Smith Hampton advised Landmark. Ashwell London also advised ConocoPhillips. To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette