Boris puts HQ money where his mouth is at Stratford City

Australian shopping centre giant Westfield has done it again at its Stratford Olympics size, signing Boris’s new Mayoral Development Corporation for a headquarters development, I can reveal. It’s a good tenant for the fledgling office development and also shows Boris putting his money where his mouth is and supporting the Olympics development.

The details are as follows:

Westfield has signed the new Mayoral Development Corporation for a 21,000 sq ft headquarters at its £1.45bn Stratford City scheme opposite the Olympics Stadium .

The MDC, which officially launches as the London Legacy Development Corporation on 1 April, has taken a 10-year lease at One Stratford Place. The building is the 128,431 sq ft first phase of offices being developed within Westfield’s Stratford City shopping centre, offices and housing complex. Rents are understood to be around £35 per sq ft.

The MDC – the mayor’s first Docklands-style development corporation – joins Coral Bookmaker which took 30,793 sq ft of offices at the end of last year.

Team GB has already signed a short-term lease on the eighth floor at the building.

The 10-storey One Stratford Place is the first phase of offices to be delivered at Westfield Stratford City.

Post-games, Westfield plans to deliver a further 1m sq ft of offices in three further phases and, advised by CB Richard Ellis and Cushman & Wakefield, has been talking to major occupiers about prelet opportunities.

The building is located at the end of the pedestrian footbridge which leads into the Olympic Park and commands views across the entire Olympic site, the City of London and Canary Wharf. It includes 21,000 sq ft floor plates.

One Stratford Place will be the home of the British Olympic Association (BOA) during the 2012 Olympics. Team GB will take occupation of 21,000 sq ft on the eighth floor of the building from January 2012.

Following the conclusion of the Olympic Games the space will be handed over to the British Paralympic Association to support Paralympics GB.

CBRE and Cushman & Wakefield acted for Westfield. Gerald Eve acted for Coral.

The LLDC will continue the work of the Olympic Park Legacy Company as well as managing some of the assets and responsibilities of existing regeneration agencies in the area, such as the Thames Gateway Development Corporation.

pnorman@costar.co.uk

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About Paul Norman's Olympics blog

News Editor of CoStar News, a commercial property news service. Regular blogger on the London 2012 Olympics and what it means for property and the the regeneration of East London
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