Fladgate LLP has advised Turner Broadcasting System Europe (Turner), the UK based operation of Turner Broadcasting, the global entertainment, sports and news subsidiary of Time Warner, on the pre-let of 98,100 sq ft in a new development at 160 Old Street, EC1, which it will occupy from 2019. The building is owned by The Great Ropemaker Partnership (GRP), a 50:50 joint venture between Great Portland Estates plc (GPE) and Ropemaker Properties, the property nominee of the BP Pension Fund.
Turner will occupy the lower ground to third floor of the building on fifteen year leases. Turner will pay a rent in line with the September 2017 ERV and a market consistent incentive package. The ground and lower ground floors represent 35% of the area of the pre-let.
In addition, GRP has granted Turner options (until March 2018) to lease additional space on the fourth floor at a predetermined rent. Turner also have an option to hand back part of the third floor.
160 Old Street will provide 155,000 sq ft of high quality offices and 6,700 sq ft of retail and restaurant space, with completion scheduled for March 2018. 63% of the offices are now pre-let, leaving c.56,900 sq ft available on the fourth to eighth floors of the building.
Commenting on the letting, Toby Courtauld, Chief Executive at GPE said, “We are excited to be working with Turner to create their new London headquarters at 160 Old Street. This pre-letting to such a significant global company is a strong endorsement of the quality of our development, securing 58% of the gross development value four months ahead of completion.”
Giorgio Stock, president of Turner EMEA, added “This is an exciting move for us putting us at the heart of a vibrant community from which we will continue to operate our growing media businesses.”
The Fladgate team advised on the various leases and development works, together with the fit out and construction works. The team was led by head of real estate Richard Reuben, assisted by partners Mark Saunders (real estate), Alan Woolston (construction) and Steven Mash (litigation) together with property associate Roland Brandman, construction associate Sasha Pirbhai and planning associate Miles Crawford.
CMS advised The Great Ropemaker Partnership.