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Press Room

11 August 2009

Bow Bells House: Mitsubishi recovers Landsbanki lease and re-lets to Aberdeen

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 Landesbanki 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.
Mitsubishi Estate Company is a leading international property development and investment company with a substantial commercial and residential portfolio in Japan, which includes over 30 major buildings in Marunouchi, Tokyo’s central business district. Mitsubishi Estate Company is best known in the UK for its highly successful and critically acclaimed redevelopment of Paternoster Square in the City of London. In the USA, Mitsubishi Estate Company owns the Rockefeller Group Inc, the commercial real estate, real estate services, and technology solution services company and the developer of Rockefeller Center.
Mitsubishi Corporation (MC) is Japan's largest general trading company (sogo shosha) with over 200 bases of operations in approximately 80 countries worldwide. Together with its over 500 group companies, MC employs a multinational workforce of approximately 60,000 people. MC has long been engaged in business with customers around the world in virtually every industry, including energy, metals, machinery, chemicals, food and general merchandise.
Julie Rogers, +44 (0)20 7025 3034
James Gomme, +44 (0)20 7025 3031