Login to UKBP
Commercial Property News
UBS signs London commercial property agreement
A new commercial property deal has been signed between Bluebutton Properties, a joint venture company owned by British Land, Blackstone and UBS.
The business property featuring 700,000 sq ft of office space is to be constructed on the Broadgate Estate following the agreement on leases for the facility at 4 and 6 Broadgate.
Highlighting a major commitment by UBS to the City and Broadgate in particular, according to British Land, the deal will see the new building customised to suit UBS' specifications.
An initial headline rent of £54.50 per sq ft is part of the deal, which Chris Grigg, chief executive of British Land, said "demonstrates the enduring appeal" of the City office estate.
"At the same time, the new building will enhance the overall quality of Broadgate while generating an attractive development return," he added.
One of the UK's largest real estate investment trusts, British Land's portfolio of owned and managed properties have occupancy rates at 97%.
Posted by James Collins
The business property featuring 700,000 sq ft of office space is to be constructed on the Broadgate Estate following the agreement on leases for the facility at 4 and 6 Broadgate.
Highlighting a major commitment by UBS to the City and Broadgate in particular, according to British Land, the deal will see the new building customised to suit UBS' specifications.
An initial headline rent of £54.50 per sq ft is part of the deal, which Chris Grigg, chief executive of British Land, said "demonstrates the enduring appeal" of the City office estate.
"At the same time, the new building will enhance the overall quality of Broadgate while generating an attractive development return," he added.
One of the UK's largest real estate investment trusts, British Land's portfolio of owned and managed properties have occupancy rates at 97%.
Posted by James Collins
Tue, 3rd Aug 2010