Addington Capital, the property investment and asset management specialist has signed a further deal with Mott MacDonald, existing tenants at 10 Fleet Place in London, whereby Mott MacDonald commits to a further 20,000 sq. ft on the fourth floor of the building.
Mott MacDonald, the global engineering consultancy has been a longstanding tenant at 10 Fleet Place since 2011. Last year it took 19,884 sq. ft on the first floor of 10 Fleet Place on a lease until 30 April 2040 and re-geared its lease on the second floor where it had 19,888 sq. ft, to run to the same date. The first and second floors are now newly refurbished. Mott MacDonald has now decided to take a new lease on the fourth floor (19,811 sq. ft), which will also now be refurbished in keeping with the 1st and 2nd floors. Mott MacDonald will be paying a headline rent of £68.50 per sq. ft. Overall, the global consultancy will have space totalling circa 60,000 sq. ft in the building, on leases running to 2040.
10 Fleet Place is a landmark 186,000 sq. ft office building in prime Mid-Town. Addington Capital is the asset manager for the property acting on behalf of the ‘The Crosby Group’ from Hong Kong who acquired it in 2015.
Other blue-chip tenants at 10 Fleet Place include Interpath Advisory, the independent financial advisory business spun out of KPMG, CNBC, now acquired by Comcast and global top ten law firm Hogan Lovells.
Mott MacDonald’s commitment to 10 Fleet Place follows the substantial phased refurbishment programme at the building including new end of trip facilities, reception upgrade and new external signage.
The building also benefits from great transport links including the Elizabeth line at Farringdon.
David Dalrymple, Partner at Addington Capital said, “ We are delighted Mott MacDonald has increased its footprint and long-term commitment to 10 Fleet Place and will now occupy around 60,000 sq. ft on long leases.
The ongoing success at 10 Fleet Place is down to the demand for high quality space in Midtown and the City, particularly as businesses try to recruit and retain the best staff. We have invested heavily during the past three years to vastly improve the buildings environmental credentials, internal finishes and wider facilities of the building to make it significantly more attractive.
Following the completion of this lease the building is now 96% let and the remaining office/retail space is all under offer. We have a list of blue chip and respected tenants, all on favourable lease terms.”
