A weekly round up of the latest planning and property news from the central London Boroughs
EG reports that WeWork has agreed a 20-year lease with Malaysian sovereign wealth fund Permodalan Nasional Berhad to take all the office space at Aviation House, WC2. The flexible co-working provider will occupy 130,000 sq ft across eight floors of the building near Holborn Station, which it will revamp. The offices were previously occupied by various government departments and the ground floor is let to Sainsbury’s and Boots.
City of Westminster
PW reports that Barings Real Estate has completed two lettings for the first and fifth floors of its recently refurbished 8 Waterloo Place in St James’s, London. Apollo Tyres has agreed a 10-year lease for 5,242 sq ft across the first floor at a rent equivalent to 104/sq ft, while Tournaline Europe has taken the fifth floor, which comprises 1,641 sq ft, on a five-year lease at a rent equivalent squatting to 115/sq ft.
EG reports that German property investor Real IS has put Telford House in Tothill Street, a House of Commons office building, up for sale for £90m, a yield of circa 3.75%. Real IS bought Telford House 56,000 sq ft building in 2007 from Gracemark Investments and GE Real Estate for £57.8m. The House of Commons has let the building since and is understood to not have automatic right of renewal on the lease, expiring in 2023. Cushman & Wakefield is believed to have been appointed to find a buyer.
EG reports that Facebook has agreed to occupy all of the office space WeWork has let from Almacantar at 125 Shaftesbury Avenue, WC2. The tech giant has signed to occupy around 140,000 sq ft for at least two years at the 190,000 sq ft building as it rapidly expands its London footprint.