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LONDON-Development Securities PLC has hired Skanska to construct its second office building at Paddington Central here for UK$88 million (US$174.2 million). Two Kingdom Street will be 13 stories and have more than 22,000 sm (247,000 sf), and will be built next One Kingdom Street, the developer’s other 10-story office building here, a property that was also constructed by Skanska for UK$75 million (US$148 million).

One Kingdom has a tenant, global software and solutions company Misys PLC, which has taken 6,800 sm (73,194 sf). A Skanska representative did not return a call for comment. Average rents for the city’s West End run high, at about UK$120 per sm, or US$22.15 per sf, according to a CB Richard Ellis report.

According to the developer’s Web site, Paddington Central is supposed to become a new central London business district. Two Kingdom Street is supposed to be finished by January 2010. A third building, Three Kingdom Street, is being constructed as a 206-unit hotel that will fly the Novotel flag, this is set to be complete this July. The developer also has outline consent for another 31,000 sm (333,681 sf) of office. The property also has a 2,300 sm (24,756 sf) Cannons health center, and 3,600 sm (38,750 sf) of retail and restaurants. Morley Fund Management and Quinlan Private are joined in a partnership with Equitable Life and Union Investment in financing the properties.

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