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PETERBOROUGH COURT & DANIEL HOUSE
133-140 FLEET STREET LONDON EC4
APPENDIX I
OCCUPATIONAL LEASE TERMS –
SUMMARY
The principal terms of the occupational lease can be
summarised as follows:
Original Landlord
LDT Partners.
Tenant
Goldman Sachs International.
Guarantor
The Goldman Sachs Group, Inc.
Premises
All those buildings known as Peterborough Court,
133 Fleet Street and Daniel House, 140 Fleet Street,
London EC4.
Lease
The initial lease was originally granted in 1992 for a
term commencing 25 March 1991 and expiring 2016.
The lease was varied by various deeds of variation.
The term has effectively been extended by way of a
reversionary lease to 20 June 2026.
Option to Determine
The Tenant may determine the reversionary lease
on 29 September 2021 subject to providing at least
12 months written notice.
Rent
£17,769,793 per annum exclusive. The rent is payable
quarterly in advance on the usual English quarter days.
Rent Reviews
Upwards only, subject to five yearly intervals. The
next rent reviews are scheduled for 25 March 2011,
25 March 2016 and 25 March 2021.
Rent Review Provisions
The lease defines that the open market rent is the
annual rent which would reasonably be expected to
become payable in respect of the premises in the open
market on the following basis:
(i) as a whole;
(ii) by a willing landlord to a willing tenant;
(iii) with vacant possession;
(iv) without taking any fine or premium;
(v) for a term of fifteen years or, if longer, the then
unexpired term.
The rent review clause stipulates that the following
are to be assumed:
(i) that the premises have been constructed and
completed by the Landlord in accordance with the
rent review specification attached to the leases;
(ii) that all mechanical and electrical plant and
machinery has been tested and commissioned and
that the air-conditioning system has been balanced,
tested and commissioned;
(iii) that all Tenant’s fixtures have been removed;
(iv) that the premises are ready for immediate
occupation;
(v) that if the premises have been destroyed or
damaged that they have been fully rebuilt and
reinstated;
(vi) that the covenants on the part of the Tenant have
been performed and observed;
(vii) that no work has been carried out to the premises
which has diminished the rental value;
(viii) that financial inducements relating to fitting out
have been made and expired prior to the review date.
The rent review clause stipulates that the following are
to be disregarded:
(i) the Tenant’s (or any sub-tenants) occupation;
(ii) any effect on rent of the fact that the Tenant (or
any sub-tenants) is the occupier of any adjoining
building;
(iii) any goodwill attached to the premises;
(iv) any improvements to the premises;
(v) any effect on the rent of the existence of the tunnel
and bridges linking the buildings with the Tenants’
adjacent premises at River Court, 120 Fleet Street;
(vi) any effect on the rent of the existence of the
Tenant’s option to determine the lease;
(vii) financial inducements relating to fitting out.
(viii) any effect on the rent of the tenant being a tenant
of any adjoining property.