Brazilian banking group Banco Itau, which has agreed to lease an additional 12,000 sq ft of office space at level 19 of The Broadgate Tower. It is taking a 8.75 year term at £54.50 per sq ft with 22 months’ rent free. Banco Itau moved into the Broadgate Tower in December 2010, originally letting 13,000 sq ft at level 20 of the building.
Japanese trading company Itochu, which has also agreed to take an additional 6,000 sq ft of space at The Broadgate Tower. The letting, at level 18 of the tower, is at a headline rent of £62.50, with 18 months’ rent free for a term until December 2020. Itochu moved into the Broadgate Tower in November 2010, originally letting 26,000 sq ft across levels 15 and 16.
Tim Roberts, Head of Offices at British Land, said: "These deals demonstrate how we are working with our existing occupiers to help them consolidate and grow in challenging conditions. We are delighted that long-standing and key customers, Herbert Smith and F&C, are committing to Broadgate for the longer term. The lettings by Banco Itau and Itochu are also a positive example that international corporates are keen to expand their presence at Broadgate, taking advantage of the high quality office space and first class amenities and services on offer.”
The 35-storey 397,000 sq ft Broadgate Tower is the City’s fourth tallest building rising to a height of 165m (540 ft). Its current occupiers include Reed Smith LLP, Greenlight, and William Blair.