201 Bishopsgate Pre Let

201 Bishopsgate Pre Let

British Land are on the verge of concluding a major letting agreement for the under construction 201 Bishopsgate next to the Broadgate Tower.

The announcement by developer British Land is that they have agreed non-binding terms with the international law firm, Mayer, Brown, Rowe & Maw LLP for the Skidmore, Owings and Merrill designed building who plumped for it over Watermark Place that's being developed by UBS.

They will take 20,700 square metres of the building, a substantial chunk of the lower rise building (54%) and a little over a fifth of the total size of the two structure development, and also have an option to take another 5,700 square metres in the not too distant future if their requirements need to. Mayer, Brown, Rowe & Maw LLP expect to move into the building upon its completion in 2008.

Although this does not mean they have actually officially sealed the deal and signed on the dotted line as the agreement is currently non-binding, it's very rare for letting deals to break down once they are publicly announced as it requires a good deal of confidence to go public and no-one wants egg on their face.

It should provide more ammunition to British Land who have been the only major developer building so much in the City with this, the Willis Building, Ropemaker Place and the Leadenhall Building all seeing work now done on site.

Many had doubted that there was the demand for so much and that the scale of this construction programme was a substantial risks for a single company to bear when no one else was following suit on such a level, but British Land seem to have timed perfectly their development schedule to catch the upturn in the city and putting them in prime position to take advantage in this property cycle.

Gold Coast Family Law Solicitors
OC Real Estate