DLA agrees lease renewal on 28,000 sq ft

Green Property has completed a significant deal to underpin its turnaround of India Buildings in Liverpool's business district.

Green has spent £2m to date refurbishing parts of the largely vacant 350,000 sq ft block in Water Street.

The first three refurbished areas are due to be launched at an event on 27 November: 35,000 sq ft grade A on the fifth floor, 8,000 sq ft of grade B space on the second and 10,000 sq ft of flexible serviced offices also on the second floor. Rents will vary according to the type and amount of space, with the fifth floor likely to be priced around £16.50/sq ft.

Law firm DLA Piper decided after a lengthy search to stay in the building until at least 2020. The terms of the deal were confidential.

The building suffered under previous owner Achilleas Kallakis' Atlas Group and numerous tenants left after the building's maintenance fell behind. Kallakis is currently serving an 11-year prison sentence for his part in a £740m fraud.

Green bought the property in 2008 with funding from Allied Irish Bank. Mike Tapp, director of Green Property, said: "Our priority with India Buildings from the outset has been to retain existing tenants wherever possible, and then to look to attract new occupiers, from both within and from outside the Liverpool market. To achieve either of these objectives has required significant commitment to the building, not just in terms of everyday maintenance, but also in improving the quality of the offices."

Ben Miller, partner and head of DLA Piper's Liverpool office, said: "It is no secret we looked carefully at our options for relocating our Liverpool office. When it came to it there weren't many Grade A opportunities available, and when considered carefully what Green were able to offer us at India Buildings proved the most attractive. It is evident that our current landlord is committed to and investing heavily in the building."

CBRE and Jones Lang LaSalle are joint letting agents for the building. Claremont Group Interiors carried out the refurbishment.