BNP Paribas takes on former Woolworths office space

Office design news from Morgan Lovell

Published on 30-09-2010

International financial services provider BNP Paribas has purchased London office space formerly occupied by high street brand Woolworths.

The French company is to carry out an office relocation to 242 Marylebone Road at the King's Cross Central development where it has let 59,000 sq ft of office space.

It has taken out a 12-year lease on floors three to six at the premises and is paying £26.50 per sq ft - although the deal includes a three-month rent-free period at the beginning of the letting, as well as breaks during the third, sixth and ninth years of the lease.

The firm also has a 13-month rent-free agreement in place should it stay at the premises beyond year three of the lease.

BNP Paribas is rated AA by Standard & Poor's and ranks among the six strongest banks in the world. It presently employs more than 201,000 people across 84 countries and offers retail, corporate and investment banking and investment solutions to its clients.

Posted by Ian Johnson