Greycoat scores 200,000 sq ft of deals at Premier Place
Greycoat and Morgan Stanley’s 232,000 sq ft former Royal Bank of Scotland office at 2-5 Devonshire Square, EC2, is almost fully let nearly a year before refurbishment is expected to be complete.
Research and advisory firm Gartner has placed the top three office floors of Premier Place comprising just over 60,000 sq ft under offer, while financial trading firm Jane Street has pre-let the ground to fifth floors comprising around 145,000 sq ft of office space.
Guide rents for the office space are understood to have been in excess of £60 per sq ft.
Greycoat and Morgan Stanley’s 232,000 sq ft former Royal Bank of Scotland office at 2-5 Devonshire Square, EC2, is almost fully let nearly a year before refurbishment is expected to be complete.
Research and advisory firm Gartner has placed the top three office floors of Premier Place comprising just over 60,000 sq ft under offer, while financial trading firm Jane Street has pre-let the ground to fifth floors comprising around 145,000 sq ft of office space.
Guide rents for the office space are understood to have been in excess of £60 per sq ft.
The deals are a further sign of occupiers scrambling for the best space in London as the development pipeline diminishes.
Designed by Stiff + Trevillion Architects, the refurbishment of the 1990s’ building will create around 205,000 sq ft of office space and 27,000 sq ft of retail and ancillary space with terraces on the four upper floors once its revamp is complete in September next year.
It is understood that 3,000 sq ft of retail space is still to be leased.
Greycoat would not comment on names but said: “Greycoat and Morgan Stanley have agreed a substantial letting of Premier Place, Devonshire Square EC2, to a major financial occupier. The building is currently undergoing a comprehensive refurbishment, due for completion in September 2019. In addition the top three floors of the building, comprising just over 60,000 sq ft, are under offer to an undisclosed party.”
Greycoat and Morgan Stanley acquired the property in November 2017 from RBS, which had about 6,500 desks in the building, for around £145m.
The sale was part of the bank’s £750m cost-saving plan unveiled in Q1 2017 and followed its departure from 135 Bishopsgate where it occupied 340,000 sq ft.
British Land and GIC are also undertaking a refurbishment of the property, which is already pre-let to TP ICAP, with talks ongoing for a further pre-let to advertising giant Interpublic Group.
Italian food hall Eataly is also expected to open its first UK marketplace at the building.
Jane Street declined to comment. Gartner have been contacted for comment.
BH2 and Cushman & Wakefield advised Greycoat and Morgan Stanley. CBRE advised Jane Street.
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