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First Space In Ropemaker Finally Let

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1 First Space In Ropemaker Finally Let on Thu Nov 25, 2010 10:49 am

LeeRain


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First Space In Ropemaker Finally Let

Published on 07-04-2009 by Skyscrapernews.com
Ropemaker, the under construction tall building in the City of London opposite Citypoint, has finally had its first tenant signed up for it in a deal that will fill 38% of the building.

Mitsubishi UFJ Securities International and Bank of Tokyo-Mitsubishi UFJ, two wings of the Bank of Tokyo, have agreed to take about 20,500 square metres of space in British Land's building in a deal that will see them pay £46.50 per square foot for a twenty and a half year lease.

Adding value to the deal for the tenants is the fact the first two years will be rent free and that the rental agreement will increase to a minimum of only £52.50 by the time of its first review in 2014.

It's good news for the Arup designed building which is rapidly heading towards completion and should be open for business before the summer is over.

95.6 metres tall, the building may not have the most graceful proportions on the skyline, but the sheer quality of the cladding when, and in particular the effects natural sunlight has on the tilting projecting windows, have caused many to admire it up close.

It's also good news for British Land who still have empty space at the Broadgate Tower too along with 62% of Ropemaker lying vacant, a surplus that has forced them to put on hold the Leadenhall Building, better known as "the Cheesegrater" until the market improves.

Jones Lang LaSalle and CB Richard Ellis were the agents representing British Land in the deal whilst the Bank of Tokyo was represented by Knight Frank.

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