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Great Portland Estates PLC on Thursday said it has completed four fully-managed new leasing deals at its Piccadilly Estate in London. The London-based commercial property company said it has secured £1.6 million of annual rent in the refurbished 6,700 square foot space, at an average price of £240 per square foot. The firm said the space was let faster than its underwrite and ahead of estimated rental value by 14%. All four customers are from the financial services sector or are family offices and will move in by the end of February, the company said. The deal brings its fully-managed Flex leases across the Piccadilly Estate to 60% of its total let office space. The popularity of the fully managed product means confidence is high for its next launch at 170 Piccadilly in summer, Great Portland Estates said. Director of Flex Workspaces Simon Rowley said: ‘We are continuing to let our fully managed space at a rapid rate across our portfolio. Including these latest deals in Piccadilly, we’ve already completed 10 fully managed transactions across circa 30,000 square foot in the six weeks since the start of January. ‘With the increasing scarcity of premium fully managed offices in our core locations, we expect to continue beating our fully managed leasing targets.’ Great Portland Estates shares were down 0.4% at 286.00 pence in London on Thursday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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