Russell-Cooke’s real estate team has represented Hong Kong finance company Crosby Group, the owners of prime city office building 10 Fleet Place, London, on its letting to international law firm Hogan Lovells on a 10-year lease. The team worked with property investor and asset manager Addington Capital on the letting.
Hogan Lovells will take the whole of the seventh floor plus a substantial part of the eighth floor, with options to break after year five, at a headline rent of £67.50/sq ft. The 185,000 sq ft building has been owned by Crosby Group since 2015.
10 Fleet Place had been substantially refurbished in the first six months of 2021, including conversion of the basement area to create changing rooms, 17 showers and 167 tenant lockers. Planning consent has been granted to create 167 covered bicycle parking racks.
Work on the transaction was led by real estate senior associate Chris Barkley with assistance from property litigation partner Ed Cracknell.
Addington Capital partner David Dalrymple said: "We invested during the pandemic to vastly improve the internal finishes and end-of-trip facilities at 10 Fleet Place to make the building significantly more attractive to occupiers."
Matt Garrod client partner said: “This was a significant letting for us and for the client and indicates how active the commercial lettings market is at the moment, notwithstanding uncertainty in the office market caused by the pandemic. It has been a pleasure to work with Addington Capital on this deal. We are super busy on a range of transactions at present ranging from portfolio sales, to high value investment acquisitions and office lettings. Fair to say the London commercial real estate market is currently incredibly active!”