Portman rent at £95

Invista Real Estate has let the first floor of 43-45 Portman Square in London’s West End at £95/ sq ft – increasing the building’s rent by nearly £60 in five years.

It is believed the 15,000 sq ft floor has been let to rival fund manager Invesco Real Estate for a yearly rent of £1.43m.

The rental hike is bad news for fellow tenant Cushman & Wakefield, which occupies 70,000 sq ft in the building at £38.10 sq ft and faces a rent review in June. If its rent matches Invesco’s, it would end up paying more than £3.9m extra a year.

A spokesmanfor Cushman & Wakefield said the company would not be moving out of the building. Edward Charles acted for Invista.

By Property Week, 18/01/08

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