And tenant J P Morgan Chase Bank has taken advantage of the change in ownership to renegotiate its lease on the property. JP Morgan has agreed a new 22-year lease from 25 March 2003, at an initial rent of £16 million per annum, reflecting around £42 ($70) per sf.
Morgan Stanley is reported to have made a profit of pounds 84 million ($140 million) on Alban gate since buying it in 2000, reflecting the tightening of investment yields and increasing demand for properties let on long leases to secure tenants.
SJ Berwin advised Matrix.
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