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LONDON-Great Portland Estates has shrugged off the depressed state of the central London office market, agreeing to a rare pre-let on a 20,000-sf West End refurbishment scheme at 95 New Cavendish St., London W1.Construction consultant Gleeds has agreed a 15-year term with a tenant option to break in the 10th year. Gleeds will be paying a headline rent of £30 ($52) per sf and will be given an 18 month rent free period as part of the agreement.

GPE only announced its intention to refurbish the building last month following the departure of Grey Advertising in September. The majority of the refurbishment works will be overseen by Gleeds prior to taking occupation in the spring of next year.

Robert Noel, property director at GPE says: “The emergence of this area of London as a preferred location for larger scale office occupiers is gathering momentum, and this is why we are striving to provide good quality efficient floor plates into the next cycle. That we have been able to attract this eminent firm so quickly after gaining vacant possession at the end of September is very positive.”

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