King Sturge City Agency advises UBS in disposing of The Rex Building, EC4

Gartmore Investment Management has acquired the above building on a 15 year lease with no break options. The initial rent is £2.53m p.a. after a rent-free period for three years. Rent payments will increase to at least £2.86m p.a. at the first review in five years.

The Rex Building, totalling 75,000 ft², was UBS Triton’s largest vacancy representing about 25% of the fund’s overall vacancies.

Justin Brown, portfolio manager for UBS Triton,said: ‘The City of London is a very important office market for us and we are benefiting from the current low levels of supply. After many months of hard work we have gained significant momentum in addressing UBS Triton’s vacancy level, with this particular letting reducing this measure to less than 8%.’

Jeff Meyer, chief executive of Gartmore, said: “This is an attractive deal for Gartmore and an exciting move that will provide an excellent working environment for our staff as we continue to grow the business.”

UBS was advised by King Sturge. Gartmore was advised by Colliers International

source : King Sturge