GPE pre-lets 160 Great Portland St

Great Portland Estates (GPE) has agreed the pre-letting of the offices at its 160 Great Portland Street refurbishment in the west end of London to Double Negative. The specialist in visual effects for films has taken a 20-year lease for 86,535 sq ft on the basement and ground to fifth floors.

Double Negative will pay £4.8m a year after an initial 29-month rent-free period and a capital contribution by GPE of £1.015m and the initial rent equates to £59.60 a sq ft on the first to fifth floors of the building.

GPE will accept a surrender of Double Negative’s existing leases at nearby 45 Mortimer Street, a 108,550 sq ft prime redevelopment completed just over two years ago. The company occupies 21,818 sq ft and pays £862,000 a year after a rent-free period ending in September 2011, on a lease until October 2019, with a tenants break in October 2014.

The surrender will take effect once Double Negative has relocated to the new property, expected to be in November 2012. GPE will start work on the building this month and envisages completion in a year’s time.