Addington Capital, the property investment and asset management specialist has let the seventh floor and part of the eighth floor of 10 Fleet Place, London EC4 to Hogan Lovells International LLP, the top ten global law firm.
Hogan Lovells is taking a total of 33,112 sq. ft which comprises of 19,858 sq. ft, the whole of the seventh floor plus 13,254 sq. ft of the eighth floor. The property has been let on ten-year leases, with options to break after year 5, at a headline rent of £67.50 per sq. ft.
Hogan Lovells is taking the space because it is conveniently located close to the major pre-let it has signed on Holborn Viaduct, London EC1.
The agents acting on the deal were Ingleby Trice for the landlord and Cushman & Wakefield for the tenant.
Hogan Lovells joins other blue-chip tenants at 10 Fleet Place. The deal comes hot on the heels of Addington Capital’s letting of the nineth floor in the building to Interpath Advisory, the independent financial advisory business In November 2021. Other tenants in the building include Mott MacDonald, the global engineering consultancy and CNBC, acquired last year by Comcast and Verizon Group.
10 Fleet Place is a landmark 185,000 sq. ft office building in prime Mid-Town. Addington Capital is the asset manager for the property on behalf of the Crosby Group from Hong Kong who acquired it in 2015.
The letting follows substantial refurbishment and capex improvements at 10 Fleet Place in the first six months of 2021, including a contemporary CAT A finish, reception upgrade and conversion of the basement area to create changing rooms, including 17 showers and 167 tenant lockers. Planning consent has been achieved to create new secure bike storage facilities, delivering 167 covered bike parking racks including electric charging points, which are all BCO compliant. The works also include new external signage and lighting around key entrance points to the building.
The building also benefits from great transport links, with Thames Link, St Pauls, Blackfriars, Farringdon and Chancery Lane stations all located within very close walking distance. The Elizabeth line at Farringdon is now open and fully operational.
David Dalrymple, Partner at Addington Capital 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. Our investment appears to be paying off and feedback from Hogan Lovells suggested that they are pleased with what we have done, particularly with the reception, new changing facilities and external signage. Hogan Lovells also wished to be in a building with strong ESG Credentials with a minimum EPC rating of a B. We are glad that the space they are taking meets these criteria.”
“We are delighted to have secured this letting to such a prestigious tenant and are looking forward to attracting further high calibre tenants to the building.”
Ingleby Trice and Savills continue to market the building at a rental level of around £67.50 psf. Up to.39,719 sq. ft of CAT A office and 4,111 sq. ft of ground floor retail space is currently available to let.