Great Portland Estates (GPE) has fully let its SIX St Andrew Street office development in London’s Farringdon, after signing an AI firm for the remaining 11,680 sq ft.
External view of SIX St Andrew Street in Farringdon
The fully managed office building now generates £8.8m in annual rent at an average of £200/sq ft, 6.2% ahead of estimated rental value and delivering a 6.2% yield on cost.
The unnamed AI firm, which will occupy the third and fourth floors of the building, is the latest in a wave of lettings with AI and technology tenants, with the sector driving a significant proportion of office take-up in recent months.
GPE said AI-related customers now represent 11.7% of its total office portfolio, and 25.2% of its fully managed offices.
The firm said it had seen strong momentum across its fully managed portfolio in the final quarter of the financial year, with record levels of viewings and enquiries and 19 deals completed, with another seven currently under offer.
The recently refurbished SIX St Andrew Street spans eight floors of fully managed office space, plus a communal lounge, boardroom, rooftop terrace and wellness studio.
Molly Maguire, senior flex leasing manager at GPE, said: “Completing the leasing campaign at SIX marks a great milestone for our fully managed portfolio.
“Demand continues to be driven by customers looking for high-quality, flexible workspace in well-connected central locations, and SIX has proven to be an excellent example of how that proposition resonates.”
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