British Land and Oxford Properties are well on their way to completing the 48-storey tall building. Located at 122 Leadenhall Street, the City of London skyscraper will offer almost 1 million square foot of EC3 office space. The joint developers have now granted Servcorp a 15-year lease for 11,851 sq ft of City Executive Office space. As part of the agreement flexible office specialist will pay a rent of £72.50 / sq ft with a tenant break option at 10 years.
Servcorp is headquartered in Sydney and has a well-established international network of prestigious Serviced Offices in 140 cities from New York to Tokyo, as well as within the iconic Emirates Towers in Dubai. By offering tenants a premium product on flexible rental basis, the firm has grown its brand across the world.
With such a strong presence in the market, Servcorp was able to negotiate a free period of two year. If Servcorp chooses to stay at beyond the 10th year break point, then it can look forward to a further rent free period of six months.
The Leadenhall office rental has been Designed by Sir Richard Rogers’ architectural practice Rogers Stirk Harbour + Partners and Arup engineers, the tower has a distinctive slanting profile and has become known as the ‘Cheesegrater’. The tapering silhouette has become the latest addition to London’s increasingly high rise skyline. It has been joined by the Walkie-Talkie tower, which performs the reverse trick by offering increasingly wider floors, with each rise in level through building.