Cornerstone Real Estate Advisers, which yesterday confirmed two senior appointments, has today announced it has fully let 40 Gracechurch Street in the City of London.
The achievement was reached after Hampden Capital, the largest Lloyd’s members’ agency, took the remaining 12,628 sq ft fifth floor on a ten-year lease, with no break clause, equating to £57.50 per sq ft.
The letting follows an agreement with international construction services company ISG earlier in the year, which saw it occupy the sixth floor. Cornerstone has now let 63,000 sq ft to five tenants since March 2014.
Cornerstone acquired the 122,000 sq ft building for £94 million in 2013 on behalf of clients. At the time the property was only 52 per cent occupied and Cornerstone embarked on an extensive repositioning and asset management programme, along with a new marketing campaign, which has led to the successful lettings.
Cornerstone Europe’s Director of UK Asset Management, Ian Mayhew, commented: “Today we have a fully let, prime City of London office, backed by strong covenants providing high quality income.
“This achievement follows active asset management and smart deployment of capital which have combined to maximise the potential of the property.
“The team has done an immense job, delivering a great space for tenants and, at the same time, creating value for Cornerstone’s client.”
Cushman & Wakefield and GM Real Estate represented Cornerstone.
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