Great Portland Estates plc has pre-let 39,970 sq ft of office space at 1 Newman Street to Exane SA as headquarters for its Exane BNP Paribas Cash Equities business.
Over half of the office space is under offer now that the structure of the building is complete to level seven.
Exane BNP Paribas will occupy the fifth, sixth and seventh levels, as well as ancillary basement space on three separate 15-year leases. Completion of the leases is conditional only upon practical completion and obtaining a change of use of c.400 sq ft of the basement from A1 retail space to B1 ancillary offices.
The 119,100 sq ft development comprises 81,200 sq ft of offices at 1 Newman Street and 37,900 sq ft of retail space at 70/88 Oxford Street, and is anticipated to complete in Q3 2021.
Toby Courtauld Chief Executive, Great Portland Estates, commented: "In the last four years, we have been major contributors to the regeneration of the East end of Oxford Street through successful developments at Rathbone Square, 73/89 Oxford Street, and now 1 Newman Street. A transaction with a world-class business such as Exane BNP Paribas is testament to the resilience of the central London office market and the quality of this scheme. We are delighted that Exane has chosen this building as its new headquarters and look forward to welcoming them into their new offices next year.”
Ben Spruntulis Head of Equities at Exane BNP Paribas, added: "We’re delighted that 1 Newman Street will be our new London home. This brand new building in a great West End location is a perfect fit for the ambitions of our people and business. By securing space with one of the UK’s top developers, we’re now looking forward to designing a modern high quality workplace for our staff and visitors. This new London office is a great setting for the next chapter in the Exane BNP Paribas story.