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LONDON-Following its withdrawal from London Gatwick Airport last year, British Airways has assigned its lease on Atlantic House at Three Bridges, close to the airport in Crawley, West Sussex, to London Electricity Group in return for a reverse premium.

Atlantic House is a 20,700-sf air-conditioned office building which was held on a lease expiring in July 2013 at a passing rental of £323,000 ($507,000) per annum, equivalent to £15.60 ($24.50) per sf.

As part of the deal, BA negotiated the surrender of the existing under-letting to British Telecommunications Plc. This lease at a passing rental of £496,944 ($780,000) per annum was originally due to expire at August 2004. British Telecommunications paid a reverse premium to surrender their leasehold interest.

Rogers Chapman represented BA; Telereal represented BT; and LE Group was represented by its in-house property department.

Philip Daniels of Rogers Chapman said: “This off market transaction, indicates that there is still some buoyancy in the Crawley office market and is an excellent indicator of resilience of the local market even during periods of reduced market activity. The transaction comes only 2 months after the letting of 13,000 sf at Pegasus Place to Rokbuild.”

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