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GPE completes lettings on phase one of City Tower repositioning
(Sharecast News) - Property developer Great Portland Estates said on Thursday that all 28,700 square feet of fully managed space in the first phase of its City Tower repositioning was now either let or under offer. Great Portland expects completed lettings to generate £5.3m in annual rent at an average of £186 per square foot - roughly 6.6% ahead of March 2025's estimated rental value.
A second phase, comprising a further 19,900 square feet, was due to launch in March.
In total, 48,800 square feet, approximately half of the 21‑storey building, will have been converted to GPE's fully managed offering.
The building sits next to GPE's 2 Aldermanbury Square development, which has been pre‑let to Clifford Chance and was expected to complete in February.
Flex leasing manager Anna Tweed: "We are greatly encouraged by the strong levels of enquiries for our Fully Managed spaces across the GPE portfolio, and we are delighted to have translated this interest into successful leasing at City Tower.
"Demand for high quality, well connected workspace in the City of London remains robust, and these lettings demonstrate that City Tower is well positioned to provide the Fully Managed environments our customers are looking for."
As of 0930 GMT, GPE shares were up 0.15% at 336.50p.
Reporting by Iain Gilbert at Sharecast.com
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