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Sellar agrees deal to buy out TfL's lease at the Shard

London Bridge Quarter has acquired Transport for London’s agreement to lease nearly 200,000 sq ft of office accommodation in the Shard at London Bridge.

LBQ said rents for Grade A offices are rising strongly, especially in and around the City, hinting it can get a better price than the pre-let deal that was signed with TfL.

The developer said it will work closely with TfL to help it find alternative accommodation.

The 310m Shard, comprising 586,000 sq ft of office accommodation together with a hotel, apartments, retail and leisure and totalling approximately 920,000 sq ft, is due to complete in May 2012.

It is believed that the Shard’s completion will coincide with a shortage of new high quality space available to let.

A spokesman for LBQ said: “This agreement enables us to position the Shard at the very top end of the London office market.

“Together, the Shard and London Bridge Place will deliver more than 1m sq ft of Grade A offices located on one of London’s busiest transport hubs in a landmark building of the highest quality.”

The development forms part of the £2 billion London Bridge Quarter regeneration project around London Bridge Station and includes the 419,000 sq ft net London Bridge Place office building, a public piazza together with a redeveloped station concourse and new bus station.

The London Bridge Quarter project has been designed by the internationally renowned architect Renzo Piano and will be completed in 2013.