CLS Signs Sweden's Biggest Office Deal of 2002

STOCKHOLM-CLS Holdings has pulled off one of Sweden’s biggest office deals of 2002, letting 154,150 sf of office space on its Solna Business Pak in Stockholm to the retailer Coop Sverige.

The Co-Op is to take the Frasaren 11 building on a ten-year lease from January 2004 at an initial rent of SEK 1,550 per sq m or £9.95 ($15.50) per sf. Under the terms of the lease the rent has fixed increases to reach SEK 1,950 per sq m or £12.29 ($19) per sf in October 2007. In addition the Coop is taking 200 car parking spaces at a total rent of SEK 1,560,000 or 107,586 ($167,000) per annum.

The move to Solna Business Park will involve the headquarters relocating from central Stockholm where the Co-Op has occupied the samepremises since 1932. the letting means the Frasaren 11 building, which is currently being refurbished and extended, is now 80% let.

CLS Executive Chairman, Sten Mortstedt, said: “Frasaren 11, which comprises 385,477 sf of net lettable area, is now almost fully let. This highlights that our concept for Solna BusinessPark continues to be well received in the market.”