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4 Jul 2008 07:00
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3PRESS RELEASE
4 JulyΒ 2008
Derwent London plc ("Derwent London" / "Company")
DERWENTΒ LONDONΒ SECURES 20,000 SQ FTΒ OFFICEΒ PRE-LETΒ
ATΒ 151 ROSEBERY AVENUE,Β EC1
Derwent LondonΒ plcΒ is pleased to announce it has secured a 19,741 sq ft (1,834 sqΒ m) pre-let at 151 RoseberyΒ Avenue, EC1, itsΒ 25,000 sq ft (2,323 sq m)Β office refurbishmentΒ in Clerkenwell,Β toΒ Momentum Activating Demand Ltd,Β ("Momentum"), part of the Interpublic Group.
MomentumΒ has takenΒ five floors (lower ground toΒ third)Β at a rent of Β£732,000 per annum on a 15 year lease with a tenant-only break at the tenth year.Β The letting reflectsΒ Β£40 per sq ft on the bestΒ officeΒ space.Β The tenantΒ has been givenΒ a 15 monthΒ rent freeΒ period,Β with an additional three months if they do not exercise the break and aΒ three monthΒ penalty if they do.Β Following the letting to Momentum, only the penthouse floor remains available comprising 4,538 sq ft (422 sq m).
Originally designed by Troughton McAslanΒ in 1990, the building has been refurbished and modified by Hugh Broughton Architects, extending the ground floor, doubling the reception area andΒ extensivelyΒ landscapingΒ the rear courtyard. The refurbishment works will be complete in September 2008.Β
Simon Silver, Head of Development, Derwent London, comments:Β "This lettingΒ supports the investment we have madeΒ in refurbishingΒ 151 Rosebery AvenueΒ byΒ attracting a global marketing agency. We are confident of letting up theΒ remaining penthouseΒ floorΒ whichΒ features a barrel vaulted ceiling and great views.Β The completion of this project is further evidence of Derwent's skill in using its design led skills to attract occupiers who want to be located inΒ London'sΒ vibrant villages and payingΒ mid market rents."
Paul Biggins, CEO Momentum London,Β comments: "151 Roseberry AvenueΒ isΒ the ideal location and design for the Momentum London operation. As soon as we saw the property we knew we'd found a great home for the agency to support our future growth and development for years to come"Β
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For further information please contact:
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Derwent London
John Burns
Tel: +44 (0)20 7659 3000
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Financial Dynamics
Stephanie Highett / Dido Laurimore / Olivia Goodall
Tel: +44 (0)20 7831 3113
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