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Great Portland Estates Agrees Flexible Office Partnership Deal With Knotel

Great Portland Estates Plc.(GPOR.L) announced Wednesday that it has agreed a flexible office partnership arrangement with Knotel, a flexible workspace provider, across 82,000 sq ft at City Place House, 55 Basinghall Street, EC2.

Knotel will operate the space until the building's redevelopment in December 2021. The companies together will share the revenue generated by the businesses in occupation.

Great Portland Estates said the partnership with Knotel will maximise the income from the building ahead of its proposed development of the site.

Constructive discussions are ongoing with the City of London Corporation ahead of a major planning application. The company plans to submit the application during the first half of 2020, with an expected start on site in early 2022.

The current building is held long leasehold from the City of London and existing occupiers include Legal & General, Accenture and PensionBee. Approximately 11,000 sq ft of office space remains available.

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