Derwent London has pre-let most of the remaining office space at 80 Charlotte Street to The Boston Consulting Group (BCG).
BCG will take the fifth to eight floors comprising 123,500 sq ft on a 15-year lease with five-year rent reviews and an option to break after twelve years subject to a penalty. The initial rent is £10.6m a year, slightly above estimated rental value.
In addition, Arup Group is taking further 19,800 sq ft on the fourth floor on the same terms as its other office space, a 20-year lease at an initial rent of £1.5m a year, subject to annual increases of 2.25% for the first fifteen years. Arup has also relinquished its option to take the remaining space on that floor.
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.
Derwent has now pre-let 86% of the total office space in the project for a rent of £21.8m a year. Should BCG take up all their additional space, the Fitzrovia building would be 99% pre-let.
The 80 Charlotte Street development campus totals 380,000 sq ft in three buildings designed by Make Architects and construction is due for completion at the end of 2019. Of these, 80 Charlotte Street is the largest building at 323,000 sq ft. The two other buildings total 12,000 sq ft of offices and 45,000 sq ft of residential space.
John Burns, chief executive of Derwent London, said: “We are delighted to welcome BCG to our portfolio. The fact that two of the world’s leading professional consulting groups have committed to 80 Charlotte Street as their London headquarters so early in the construction process is proof of the quality of our product and its location. It also means that Derwent London has achieved over £35m of new lettings this year surpassing last year’s record by over 13% and our commercial space for delivery in 2019 is now a minimum of 48% pre-let.”
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