Great Portland Estates (LSE:GPE) announced it has signed three lettings totalling 13,600 sq ft at City Tower, EC2, taking leasing of the recently refurbished Fully Managed space to 69%.
The deals, signed at an average 3.1% premium to ERV, raise the building's Fully Managed supply to 43,000 sq ft.
GPE said it will deliver £8.5 million of annual rent at an average of £198 per sq ft, once fully let, as it is repositioning City Tower into a best-in-class Fully Managed asset in the heart of the City.
"These lettings underline the pace of demand for our Fully Managed offer and our ability to convert that demand into rental income quickly," said Simon Rowley, Leasing & Flex Workspaces Director at GPE.
GPE has now committed to deliver a further 43,600 sq ft of Fully Managed offices alongside a new entrance, café, gym and meeting room suite.
It expects the works to be completed in early 2027, by which point it expects around 90% of the building will have been converted.
