ITN renews leases at Gray’s Inn Road

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."

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