At the same time, BT's leases on around 109,000 sf in the adjacent Meadowside and Network House have been surrendered to Isis with BT paying a £1.5 million ($2.4 million) reverse premium. BT had previously planned to exercise its break clause and move from Westside to Meadowside and Network House in September 2003.
Daniel Plummer Head of Regional Offices at Isis Property said: "This restructuring presented an excellent opportunity, greatly facilitated by Isis Property's joined-up approach to its funds under management. Now that BT has recommitted to Westside we are considering options relating to the smaller Meadowside and Network House offices."
Isis Property, advised by Knight Frank, acted for SAL on Meadowside and Network House and for SALAC on Westside, while Telereal represented BT.
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