REG - Great Portland Ests. - ITN renews leases at Gray’s Inn Road

Great Portland EstatesAnnouncement

13/01/2025 07:00

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RNS Number : 9638S  Great Portland Estates PLC  13 January 2025

13 January 2025

 

ITN commits to 117,000 sq ft at 200 & 214 Gray's Inn Road, WC1

 

Great Portland Estates plc (GPE) announces that Independent Television News
Limited (ITN) has renewed both of its leases for 117,000 sq ft of workspace at
200 & 214 Gray's Inn Road, WC1, a 287,900 sq ft media hub building owned
by a 50:50 joint venture between GPE and Ropemaker Properties (the property
nominee of the BP Pension Fund). The contracted annual rent will be £4.1
million (ahead of March 2024 ERV and current passing rent) and will commence
from March 2025 for a term of ten years (with a break at year five).

 

ITN will continue to occupy around 40% of the total floor area across the two
properties, where it will maintain its production of news programming for ITV,
Channel 4 and Channel 5.

 

200 Gray's Inn Road, a Foster + Partners designed building, is currently
undergoing a wholesale repositioning, designed to deliver an exceptional
customer experience. The works, designed by Bennetts Associates, will
introduce a new 8th floor which will house a large west-facing roof terrace,
including a 1,400 sq ft pavilion; a feature staircase to enhance connectivity
between the lower floors of the building and an internal garden at the base of
the impressive atrium, all of which will greatly improve the amenity for our
customers.

 

Toby Courtauld, Chief Executive, said: "We are delighted that ITN has renewed
its leases at 200 Gray's Inn Road and committed to the building for a further
10 years. The new leases exemplify the confidence of our customers in GPE's
ability to deliver a complete upgrade and renewal of 200 Gray's Inn Road into
a best in class workspace, meeting the needs of our customers."

 Great Portland Estates plc                                                      +44  (0)  20  7647  3000
 Toby Courtauld, Chief Executive
 Nick Sanderson, Chief Financial & Operating Officer
 Stephen Burrows, Director of Investor Relations and Joint Director of Finance

 Laurie Low, Senior Portfolio Manager

 Yasemin Kiani, Communications Lead

 FGS Global
 James Murgatroyd & Gordon                                                       +44  (0)  20  7251  3801
 Simpson

 

For further information see www.gpe.co.uk or follow us on X at @GPE_london

LEI Number: 213800JMEDD2Q4N1MC42

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