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Property investor Palace Capital said it had set a record office rent in York city in the UK with the completion of a pre-let agreement with solicitors firm Knights at its Hudson Quarter development.
Knights was taking 4,588 square feet of ground floor office space on a 10-year lease at £12.50 per square foot for the first two years, rising to £25.00 per square foot.
There was also be an upward only rent review at five years.
The rental deal marked the first commercial agreement at Hudson Quarter, which was due to complete in the first quarter of 2021 and where 30% of the residential units were already sold or under offer.
Until the completion of Hudson Quarter, Palace said it was accommodating Knights in refurbished office space at nearby Museum Street, where the company had taken occupation of 3,100 square feet and signed a two-year lease, also at £25 per square foot.