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Tenants put British Land ahead in skyscraper race
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09 February 2012
British Land has opened the gap in London's skyscraper race as it forges ahead with its £1.1 billion development programme in the capital, chief executive Chris Grigg said today.
The property firm has landed insurer Aon as a tenant for its Cheesegrater tower, signed up UBS to its 5 Broadgate scheme and Debenhams at Regent's Place in the West End - deals which will generate £32 million in income.
The letting activity - against a difficult economic backdrop - means half of its office development programme is already 50% pre-let as it completes over the next two years.
It's a striking contrast with Hammerson's failure to sign up CMS Cameron McKenna to its Principal Place development and Great Portland Estates' reluctance to commit to 100 Bishopsgate.
Work on Arab Investment's Pinnacle tower halted last month due to funding issues.
Speaking on the Pinnacle fiasco, British Land chief executive Chris Grigg said: "If there's a lack of certainty over capital are you going to sign up to a lease there?
"Because other people are not developing it puts us in a stronger position," he added.
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