Mapeley, the specialist provider of flexible and serviced office space, announces today that it has sold the freehold of Abbey House, Baker Street, London to CIT. The former head office of Abbey, comprising 100,000 sq ft, was sold for approximately �18 million. CIT is now planning a major redevelopment of the site comprising office and residential space.

Abbey was due to remain in occupation until the end of 2005, however, the company decided that it would like to relocate earlier and the outsourcing agreement Mapeley signed with Abbey in 2000 gave them the requisite flexibility to move to Triton Square earlier this year.

Robin Priest, Mapeley�s Deputy Chairman, commented:

�Mapeley�s outsourcing agreement with Abbey has facilitated an early exit from a site which had become surplus to Abbey�s requirements. This deal typifies the benefits a corporate outsourcing contract such as this can bring. Mapeley was then able to sell the property and is pleased to have concluded the transaction with CIT.�

CIT�s Development director George Kyriacou added:

�We are very excited by the prospects for this site. We are planning a major redevelopment of the building and are presently weighing up a number of alternative schemes � we are aiming to make a Planning Application early in 2004�.

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