Lothbury Investment Management, on behalf of Lothbury Property Trust, has just completed the letting of the sixth floor of 20 Rathbone Place, London to global IT services and consulting company and Deutsche Telekom subsidiary, T-Systems.
The 4,217 sq ft suite features a large terrace with far reaching views over Fitzrovia. T-Systems has agreed a 10 year lease with a five year tenant break option and are expected to take occupation in mid-January.
Mike Toft, Senior Fund Manager at Lothbury Investment Management, said: “There was competitive interest in the suite and we have achieved an excellent letting at a very good rental level from a strong company.
20 Rathbone Place sits in a vibrant location directly opposite Facebook’s London headquarters, close to Tottenham Court Road Crossrail station and in an area that has proved a considerable draw for tech and media businesses.
The terms achieved are testament to the quality of the refurbishment completed by Lothbury and the overall repositioning of the building through the redesign of the reception and improvement to building amenity.”
The 6,089 sq ft third floor and 5,952 sq ft fourth floor have similarly been refurbished and are currently being marketed through joint agents, Cushman & Wakefield and Edward Charles & Partners.
As part of its active management policy, Lothbury has undertaken a comprehensive refurbishment of the vacant floors, the building reception and common areas including the installation of new showers and cycle storage. The building enjoys excellent natural light on three sides with terraces on the fourth and sixth floors.
Lothbury purchased 20 Rathbone Place ‘off-market’ for £23.2m in July 2010 and set about a comprehensive refurbishment programme. The redevelopment provided an additional 5,500 sq ft of Grade A lettable space. Current tenants are Pixelogic, Flashtalking and Hive.
Cushman & Wakefield and Edward Charles & Partners acted for Lothbury; Monmouth Dean acted for T-Systems.
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