GPOR.L Share News (GPOR)

(ShareCast News) - Great Portland Estates has pre-let all of the office space in its development at Rathbone Square in central London to social media group Facebook.It said Facebook has signed an unconditional agreement to lease the entire 227,324 square feet. It will occupy the building on a 15-year term, paying an initial rent of £16.9m after receiving 30 months rent free from completion of the offices and a capital contribution to fit out the building to Category A condition.Facebook has also signed a conditional agreement to lease a further 15,461 sq. ft. subject only to Great Portland obtaining planning consent from Westminster City Council for a change of use on this space from retail to office, receipt of which would result in a total occupation by Facebook of 242,785 sq. ft.Portfolio director Neil Thompson said: "We've long believed in the potential of the East End of Oxford Street, and have built an enviable portfolio of developments totalling almost 700,000 sq. ft. in the area. An endorsement of this scale from one of the world's largest and most recognised brands, along with the arrival of Crossrail in 2018, will help transform this exciting part of the West End."At 1031 BST, Great Portland shares were down 0.2% at 840.50p.