TfL sells lease to 'Shard of Glass' before moving in

Transport for London has decided not to occupy part of the ‘glass shard’ tower being built at London Bridge, selling its lease agreement for 200,000 sq ft of office space, which would have cost £38.50 per square foot, to the building’s developers, the State of Qatar and Sellar Property Group.

The move would “contribute a multi-million pound cash sum” to its efficiency savings programme, TfL said.

TfL said it would continue to occupy its current buildings and review options for their long-term consolidation. It is seeking £5bn savings, of which £160m have been identified from rationalisation of accommodation into hubs outside central London.

Charles Stafford, its director of group property and facilities, said: “This is an excellent deal for TfL and London, and has secured a multi-million cash premium.

“TfL secured a great deal for its lease agreement in the Shard in 2006. Since then rental rates have risen considerably and the deal we have negotiated with London Bridge Quarter reflects this.”