Addington, the property investment and asset management specialist has let the recently refurbished third floor of 10 Fleet Place, London EC4 to OB, a brokerage business.
OB is taking a total of 19,835 sq. ft., which comprises the whole of the third floor, from May 2023. The space has been let on a ten-year lease, with an upwards only rent review basis every 5th year of the term.
The agents acting on the deal were Ingleby Trice for the landlord and Kontor for the tenant.
In addition, elsewhere in the building, Addington Capital has signed new long-term leases with Mott MacDonald, the global engineering consultancy and an existing tenant in the building, to move from the fourth and second floors into what will be newly refurbished space on the first and second floors.
Mott MacDonald, who have been long term tenants at 10 Fleet Place, are taking 19,884 sq. ft on the first floor of 10 Fleet Place on a lease until 30 April 2040 and are re-gearing their lease on the second floor where they have 19,888 sq. ft, to run to the same date.
10 Fleet Place is a landmark 185,000 sq. ft office building in prime Mid-Town. Addington Capital is the asset manager for the property on behalf of the The Crosby Group from Hong Kong who acquired it in 2015.
OB will be joining other blue-chip tenants at 10 Fleet Place. Earlier this year Simon Kucher UK took a total of 19,890 sq. ft., which comprises the whole of the fifth floor from February 1st 2023, and last year, Addington Capital let 33,000 sq. ft of space on two floors to global top ten law firm Hogan Lovells. Other tenants in the building include Interpath Advisory, the independent financial advisory business spun out of KPMG , Mott MacDonald and CNBC, acquired last year by Comcast.
This latest letting follows the substantial refurbishment and capex improvements at 10 Fleet Place including contemporary CAT A on floor finishes, new end of trip facilities, reception upgrade and new external signage.
The building also benefits from great transport links including the new Elizabeth Line at Farringdon which is now open and fully operational.
David Dalrymple, Partner at Addington Capital said, “The ongoing success at 10 Fleet Place is down to the demand for attractive, sustainable and high-quality office space in Midtown and the City. We invested heavily during the past two years to vastly improve the environmental credentials of the building and also in the wider facilities, to make it significantly more attractive to occupiers. This investment has paid off. Following these latest deals, the total amount of new leases completed in the building since October 2021 (19 months) is approximately 146,000 sq. ft. We now have a list of blue chip and respected tenants, all on favourable lease terms.
Ingleby Trice continue to market the building with around 30,000 sq. ft. of space currently available to let.
