Pinnacle team brings in second agent to attract pre-let tenants to the tower

Marion Dakers
ARAB Investments, the developer of the Pinnacle skyscraper, has brought in an extra letting agent to sell leases in the tower on Billingsgate.

Property company CB Richard Ellis has joined Savills as joint leasing agent on the tower, which is set to be the tallest building in London when completed in 2013.

“It’s something we’ve always wanted to be a part of,” Mark Slim, executive director of the City agency at CBRE, told City A.M. “Savills has been working on it for some time, and very well I might add, and Arab Investments has decided to bring in some reinforcements.”

Savills secured Rex Restaurants as the tower’s first pre-let in February, but is yet to announce takers for the rest of the 1m square feet of commercial space and 27,000 square feet of retail space.

“There is a great deal of interest so far and we will put together a marketing campaign and get the tenants,” said Slim. “We will put the full global resources of CBRE into motion on behalf of The Pinnacle Limited and its shareholders.”

The Pinnacle Limited, a subsidiary set up by Arab Investments, is in discussions with several potential backers to fund the £800m project.

Khalid Affara’s company has already obtained £130m from a 60-strong consortium of investors and £200m worth of debt from HSH Nordbank.