9 March 2010

Lease of 181,360 sq ft at British Land's Ropemaker office development in the City.

Forsters acts on relocation for major world financial group

The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Mitsubishi UFJ Securities International plc have completed leases for 20.5 years under their pre-letting agreement signed in April 2009 comprising in total 181,360 sq ft of accommodation across nine floors at British Land’s 586,000 sq ft Ropemaker office development in the City. The 20 storey building, one of British Land’s most sustainable City developments yet, achieved practical completion in May 2009 and was one of the largest lettings in the City during the year.

A total rent across the leases of £8.5m will be payable (which equates to £46.50 per sq ft) after a rent free period of 48 months from practical completion. The rent will rise to £52.50 per sq ft at first review in 2014. The two companies, who are members of the MUFG Group, will be co-locating from their existing buildings at 12/15 Finsbury Circus and No. 6 Broadgate during the last quarter of 2010.

Commercial property partner, Glenn Dunn, acted for both companies on the pre-letting and lease completions and continues to advise on matters arising out of their existing occupational arrangements. Construction partner, Sarah Cook, is dealing with the various fit-out contracts. British Land were represented by SJ Berwin partner, Lewis Myers, assisted by associate Rupert Dowdell.

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