AstraZeneca has pulled out of plans to take more than 60,000 sq ft of office space at British Land’s Broadgate Tower in the City of London and is instead in talks to move to Paddington.
It is thought the pharmaceutical company, which was under offer at Broadgate at a rent of between £40/sq ft and £45/sq ft, had carried out due diligence and was in advanced negotiations with British Land.
However, it is now thought to be under offer to take space at Development Securities, Aviva Investors and Quinlan Private’s Two Kingdom Street scheme in Paddington. Rents at One Kingdom Street, the neighbouring building which has one floor left to let, are at £49.50 and it is thought that the terms are likely to be similar for a deal at Two Kingdom Street.
AstraZeneca occupies nearly 50,000 sq ft at 15 Stanhope Gate in Mayfair on a lease that expires in 2010.
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