Mitsubishi recovers Landsbanki lease and re-lets to Aberdeen

11 Aug, 2009, London

Mitsubishi Corporation (“MC”) and Mitsubishi Estate Company (“MEC”) the joint developers of Bow Bells House, confirm that they have agreed and accepted a lease surrender from the administrators of Landsbanki Islands HF for the 70,000 sq ft (6,500 sq m) of office space at Bow Bells House let to the failed Icelandic bank. Prior to its collapse, Landsbanki had virtually completed a top quality fit-out but had not occupied the building.

Back-to-back with this transaction MC and MEC have exchanged contracts with Aberdeen Asset Management PLC for the same space on a 15 year lease. The other terms of the lease were not disclosed.

Commenting, MEC’s London spokesman, Christopher Joll, said: “In what remains a very difficult market, we are pleased to have both recovered the lease from Landsbanki and simultaneously to have re-let the space to Aberdeen. We believe that this is a reflection of the quality of Bow Bells House, and also reflects the regeneration of Cheapside into a highly desirable office location.”

Letting agents for MC and MEC were DTZ and Cushman & Wakefield.

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