Creating value from real estate often requires vision. At City Tower, EC2, we transformed the podium floors from dark, poor quality, low value space with limited occupier appeal into a new self-contained office, Sky Light.
Repositioning properties to drive rental growth
The podium floors formed part of the comprehensive refurbishment of City Tower, our 138,200 sq ft office property in the heart of the City on Basinghall Street, and posed the greatest challenge. Through the introduction of a double height reception with its own entrance, the addition of skylights and new glazing to street level to increase natural light and the removal of columns to open up the floor plates, we created 25,400 sq ft of self-contained Grade A office accommodation which we rebranded Sky Light.
Shortly after completion of the refurbishment in September 2013, Sky Light was leased to Porta Communications plc, the international communications and marketing firm, for 15 years paying an annual rent of £1.0 million. At £39.50 per sq ft, the rent is more than double the previous passing rent.