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British Land lets two more floors at 10 Portman Square

British Land has let two floors of office space at 10 Portman Square in the West End to a UK affiliate of a Saudi Arabian oil firm.

The developer announced today that Aramco Overseas Company UK has agreed to let 24,392 sq ft of office space.

The announcement comes a week after it was confirmed that investment manager Aspect Capitalhas also taken 24,520 sq ft of office space on the top two floors of the building. 

The two lettings mean that the offices at 10 Portman Square are now 43 per cent pre-let with the development on schedule to be completed in April 2013.

10 Portman Square comprises 113,000 sq ft of modern office space over eight floors. 

James Danby, director of London Leasing at British Land said: “We are delighted that Aramco Overseas Company and Aspect Capital have chosen 10 Portman Square as their new London home, and we look forward to welcoming them to the building next Spring.”

The company has agreed to lease the fifth and part fourth floors at a headline rent of £92.00 per sq ft on the fifth floor and an overall average rent of £90.76 per sq ft, on new 15 year leases, without break, and with 24 months rent free.

The lettings mean that British Land’s Central London committed development programme is now 57 per cent pre-let.

Fifield Glyn advised Aramco in the transaction, while Knight Frank and Jones Lang LaSalle acted on behalf of British Land.

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