Property developer Minerva have let 145,000 square feet of London office space to international commercial law firm Clyde & Co. The St Botolphs development is scheduled for completion in the summer of this year, and the deal means that almost half of its total 560,000 square feet is now pre-let.
The agreement bodes well for London’s office market in 2010 and is the latest in a number of such deals, indicating that brighter times are ahead for the sector.
Minerva have negotiated a three-year rent-free period on a 20-year lease. The ground rent is £48 per square foot. Upward-only rent reviews will be carried out at five-yearly intervals, and the law firm has the option to rent a further 40,000 square feet of space if it desires.
On 21 December 2009, the South African KiFin launched a hostile takeover bid for Minerva, valuing it at around £85 million and offering 50p per share.