Great Portland Estates secures pre-let deal for 30 Duke Street

(Sharecast News) - Great Portland Estates announced the securing of a significant pre-let agreement for its flagship development at 30 Duke Street, St James's, SW1 on Wednesday, with global investment firm Clayton, Dubilier & Rice (CD&R) taking the entire 62,500 square feet of office space on a 15-year lease with no break options. The FTSE 250 company said the lease was agreed at rents above its March estimated rental value, and came more than a year ahead of the building's scheduled completion in summer 2026.

It said the building, designed by Make Architects, would feature column-free office floors across eight levels and 3,700 square feet of roof terraces, alongside best-in-class amenities and sustainability credentials.

GPE highlighted the project's pioneering approach to carbon reduction, with 78% of the steel frame sourced from recovered material - mainly from the firm's own City Place House deconstruction - representing the UK's largest known steel reuse scheme and achieving a 90% carbon saving versus new steel.

The early pre-let underscored continued robust demand for premium, sustainable office space in London's West End.

"CD&R is one of the world's leading global investment firms and we are delighted to welcome them to our latest development," said leasing director Marc Wilder.

"This letting is a testament to both the exceptional quality of the design of the building and the continued appeal of St James's as a core destination for the financial sector and we are proud that they have chosen us as their trusted partner to establish their UK headquarters."

At 0901 BST, shares in Great Portland Estates were up 1.24% at 325.5p.

Reporting by Josh White for Sharecast.com.