London Midtown office development signs “prestigious” tenant following investment

Addington Capital, the property investment and asset management specialist has let the fifth floor of 10 Fleet Place, London EC4 to Simon Kucher & Partners, the global strategy consultancy firm.

Simon Kucher UK is taking a total of 19,890 sq ft, which comprises the whole of the fifth floor, from February 1, 2023. The space has been let on a 10-year lease, with an upwards only rent review on at the expiry of the fifth year of the term. The agents acting on the deal were Ingleby Trice for the landlord and Kinney Green for the tenant.

Simon Kucher UK joins other blue-chip tenants at 10 Fleet Place. Earlier this year, Addington Capital let 33,000 sq. ft of space on two floors to global top 10 law firm Hogan Lovells.

Other tenants in the building include Interpath Advisory, the independent financial advisory business spun out of KPMG, Mott MacDonald, the global engineering consultancy and CNBC, acquired last year by Comcast.

10 Fleet Place is a landmark 185,000 sq ft office building in prime Midtown. Addington Capital is the Asset Manager for the property on behalf of the ‘The Crosby Group’ from Hong Kong who acquired it in 2015.

This latest letting follows the substantial refurbishment and capex improvements at 10 Fleet Place including contemporary CAT A finishes, new end of trip facilities, reception upgrade and new external signage. The building also benefits from great transport links including the new Elizabeth line at Farringdon which is now open and fully operational.

David Dalrymple, partner at Addington Capital, commented: “The ongoing success at 10 Fleet Place is down to the demand for high quality space in Midtown and the City. We have invested heavily during the past 18 months to vastly improve the internal finishes and wider facilities of the building to make it significantly more attractive to occupiers.

“This has paid off and we now have a list of blue chip and respected tenants, all on favourable lease terms. We are delighted to have secured this letting to such a prestigious tenant and are looking forward to attracting further high calibre businesses to the building.”

Ingleby Trice and Savills continue to market the building at a rental level of around £67.50 psf. Up to 40,000 sq ft of CAT A office and 4,111 sq ft of ground floor retail space is currently available to let.

By Matthew Neville – Correspondent, Bdaily