Great Portland Estates plc (“GPE”) and Knotel, the flexible workspace provider, have agreed a flexible office partnership arrangement across 82,000 sq ft at City Place House, 55 Basinghall Street, EC2. Knotel will operate the space until the building’s redevelopment in December 2021 and together we will share the revenue generated by the businesses in occupation.
City Place House forms part of our development pipeline and the partnership with Knotel will maximise the income from the building ahead of our proposed development of the site. Constructive discussions are ongoing with the City of London Corporation ahead of a major planning application which we anticipate to submit during the first half of 2020, with an expected start on site in early 2022.
The current building comprises 176,600 sq ft of offices arranged over lower ground, ground and eight upper floors. It is held long leasehold from the City of London and existing occupiers include Legal & General, Accenture and PensionBee. Approximately 11,000 sq ft of office space remains available.