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LONDON-Derwent Valley Holdings has let 17,673 sf of office space in Enron’s former offices at 21 Grosvenor Place, London SW1 to venture capitalist, Hicks Muse Tate & Furst. The rent agreed equates to £50 ($77) per sf, compared to £55 ($85) per sf under the old lease to Enron.

Hicks Muse is paying £890,000 ($1.4 million) per annum for a 15-year lease, with a tenant’s break after ten years and a ten-month rent-free period. 21 Grosvenor Place is a 56,000 sf office building, which has been refurbished by Derwent Valley at a cost of £5 million ($7.7 million). Existing tenants include Royal Bank of Scotland and The French Embassy. A total of 15,848 sf remains vacant.

Derwent Valley Managing Director John Burns said: “This letting at the rent achieved, and in what is a competitive market, proves that there is still demand from occupiers for well-designed and well-located office accommodation in the West End.”

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