LONDON-HSBC has taken a pre-letting of The Crown Estate’s 23,500 sf building at 69–70 Pall Mall, SW1. The bank has signed a 15-year lease on the offices and banking hall at about £1.3 million ($1.9 million) per annum.

The Crown Estate will spend more than £4 million redeveloping the property over the next 18 months, during which time the bank will take temporary space nearby.

HSBC is a long-standing tenant of the Crown, and Elspeth Miller, Head of Central London Estates for the Crown Estate, said: ‘This redevelopment reaffirms our commitment to continually maintaining and enhancing the quality of properties on the Estate. At the same time it underlines our desire to build a true relationship with our tenants to enable them to maximise their business operations from our premises.’

Cluttons advised the Crown Estate, and Insignia Richard Ellis represented HSBC.

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