The financial services giant will take the remaining four floors in a 145,000-sf building due for completion in August 2002 at an average rent of £45 ($64) per sf, on a 20 year lease with a tenant's option to break at 10 years. The rest of the building has been pre-let to retailer Kingfisher as its headquarters and to health club operator Cannons. Another office building has been pre-let to the Visa credit card group.
PaddingtonCentral is a 1.7 million-sf mixed-use development beside Paddington Railway Station, on the 11-acre site of the former Paddington goods yard. Development Securities' master plan includes offices, retail and leisure facilities and over 200 apartments.
Development Securities' funding partners are Norwich Union Life and Equitable Life.
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