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The Boston Consulting Group (BCG) has now settled on a new location in Fitzrovia, London. Derwent London has successfully secured tenants at 80 Charlotte Street by pre-letting all remaining office space available in the scheme.
The Boston Consulting Group will take the fifth to eighth floors in the new Charlotte Street office development, at a total of over 123,500 sq ft. The deal consists of a fifteen-year lease, with a five-year rent review, and an option to break after twelve years, subject to a fiscal penalty.
Eugene O’Sullivan, Managing Director at Morgan Pryce and one of London’s leading Chartered Surveyors, explains; “A fifteen-year term on a pre-let basis in this current market is a success. SMEs to large firms are now only considering short-term leases because of Brexit and an atmosphere of uncertainty in the London office market, so this is a win for the Charlotte Street landlord.”
Furthermore, Arup Group is taking 19,800 sq ft on the fourth floor on the same terms as its other spaces. This is on a substantially longer, twenty-year lease, at an initial rent of £1.5 million a year, which will be subject to annual increases of 2.55% for the first fifteen years.
Arup Group was previously considering a pre-let of another floor in the same building.
BCG also has the right to take up to a further 43,000 sq ft in the building – split between 20,100 sq ft on the fourth floor – which was previously under option to Arup – and 22,900 sq ft on the ground and lower ground floors. The rent-free periods on the let space are in line with the earlier Arup letting.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.