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Great Portland Estates PLC on Thursday provided an optimistic update on ‘leasing momentum’ at its City Tower development. The London-based office space developer and landlord has secured three further lettings for the refurbished property, which means about 69% of City Tower is now leased. These three latest lettings total 13,600 square feet and were signed at an average premium of 3.1% to estimated rental value, the company noted. City Tower is located near London Liverpool Street, Moorgate and Bank stations, Great Portland said. It includes 43,000 square feet of fully managed space and once fully let, is expected to generate £8.5 million in annual rent at an average of £198 per square foot. Great Portland is targeting completion of the building in early 2027, at which point it says about 90% of the site will be converted. Simon Rowley, the company’s director of Leasing & Flex Workspaces, commented: ‘These lettings underline the pace of demand for our fully managed offer and our ability to convert that demand into rental income quickly. At City Tower, we are delivering exactly what our strategy is designed to achieve, repositioning well located assets into flexible space that drives income growth and creates long term value.’ Great Portland shares were down 1.3% to 302.40 pence on Thursday morning in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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