Derwent London pre-lets most of 80 Charlotte Street

Derwent London has pre-let most of the remaining office space at 80 Charlotte Street in London to The Boston Consulting Group.

The company said on Monday that BCG will take the 5th to 8th floors comprising 123,500 sq ft on a 15-year lease with five-year rent reviews and an option to break after 12 subject to a penalty. The initial rent is £10.6m a year.

In addition, Arup Group has now committed to take a further 19,800 sq ft on the 4th floor on the same terms as its other office space, a twenty-year lease at an initial rent of £1.5m per annum subject to annual increases of 2.25% for the first 15 years. Arup has also relinquished its option to take the remaining space on that floor.

Meanwhile, BCG also has the right to take up to a further 43,000 sq ft comprising 20,100 sq ft on the 4th floor, which was previously under option to Arup, and 22,900 sq ft on the ground and lower ground floors.

Chief executive John Burns said: "We are delighted to welcome The Boston Consulting Group to our portfolio. The fact that two of the world's leading professional consulting groups have committed to 80 Charlotte Street as their London headquarters so early in the construction process is proof of the quality of our product and its location.

"It also means that Derwent London has achieved over £35m of new lettings this year surpassing last year's record by over 13% and our commercial space for delivery in 2019 is now a minimum of 48% pre-let."