Land Securities secures another office letting at One New Change

SMBC Nikko Capital Markets brings total office occupancy to 73% less than 6 months after opening

Article posted: 12 Apr 2011

SMBC Nikko Capital Markets Limited will be relocating its London business to new office space in the City of London at Land Securities’ One New Change, adding to the already impressive list of tenants.

SMBC Nikko Capital Markets Limited which signed a lease in March 2011 for 34,558 sq ft of prime location office space, is a wholly owned subsidiary of Sumitomo Mitsui Banking Corporation and is responsible for the derivatives and securities operation in Europe. 

The office element of One New Change is now 73% let with the average office rent for completed lettings to date standing at £57.50 per sq ft. The retail element was fully let on opening in October 2010. 

This is the third high profile office letting since January, following CME Group, and Friends Provident which took more than 38,000 sq ft and 48,500 sq ft respectively. K&L Gates, the international law firm took 120,000 sq ft as a pre-let and is expected to move in during the summer. 

Commenting on the lettings, Robert Noel, managing director, London Portfolio, Land Securities, said: “Four major companies have now decided to relocate their London businesses to One New Change - three in as many months. The scheme has real momentum.”

One New Change covers 550,000 sq ft over eight floors, with 60 shops and restaurants operating over 220,000 sq ft. When fully let, the scheme will house approximately 3,000 office workers over 330,000 sq ft.

Savills and DTZ advised Land Securities.

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