Occupiers sign up to 130,000 sq ft+ at MidCity Place
1 August 2017
Two occupiers have agreed deals to take more than 130,000 sq ft of office space at Oxford Properties' and Temasek's MidCity Place in London's Midtown.
Verizon is to take around 88,500 sq ft of the building on the fourth and fifth floors – space previously occupied by infrastructure services firm AECOM – on a 10-year term. The space represents all of the space previously occupied by AECOM.
Separately, trading platform Atos Limited has agreed a deal to take 42,500 sq ft on a sublease from Willis Towers Watson in MidCity Place. The sublease is a result of last year’s merger of Willis Group Holdings and Towers Watson, creating a global advisory, broking, and solutions company with 39,000 employees in more than 120 countries.
BNP Paribas Real Estate sublet the space on behalf of Willis Towers Watson, which will begin marketing a further 55,000 sq ft of office space in the building from the end of Q1 next year.
MidCity Place, situated on the north side of High Holborn, central London, is a Kohn Pederson Fox designed building providing more than 350,000 sq ft of trophy Grade A office space over nine floors. Current occupiers include Mitsubishi Corporation, Frontier Economics and QIC, together with retailers Kimchee, TM Lewin, Eat and Sainsbury’s.
MidCity Place is owned in a 50/50 joint venture between Oxford Properties and Temasek, with Oxford proactively managing the asset on behalf of the JV.
Henry Shearer, Director of Asset Management, Oxford Properties Europe said: “MidCity Place provides some of the finest office space in Midtown. We are delighted to welcome Verizon to the building and to facilitate the next steps in the continued evolution of their business.”
Verizon is expected to take possession in December this year before moving its staff in by the end of 2017.
Dirk Schlotter, director of international real estate operations at Verizon, said: “MidCity Place will be a great addition to Verizon’s existing locations in London. Our intention is to begin moving Verizon’s Oath team into the building by the end of 2017.”
Farebrother and JLL acted for Oxford Properties, JLL for Verizon, CBRE and Cushman & Wakefield for AECOM.