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6 Oct 2008 09:30
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3PRESS RELEASE
6 October 2008
Derwent London plc ("Derwent London" / "Company")
DERWENTΒ LONDONΒ ANNOUNCESΒ 27,000 SQ FTΒ LETTINGΒ AT QUBE
Derwent London has securedΒ aΒ furtherΒ officeΒ letting at Qube,Β 90 Whitfield Street,Β LondonΒ W1, toΒ HOKΒ International, bringingΒ aΒ newΒ occupierΒ to theirΒ FitzroviaΒ estate. TheΒ schemeΒ is now over 50% let.Β
HOK,Β one ofΒ theΒ world's largestΒ architectural firms, has taken the entire first and part third floors,Β comprising a total ofΒ approximatelyΒ 27,277 sq ft (2,534 sq m)Β on a 15-year lease at Β£1,307,000Β per annum, with five year rent reviews. The rent on the first floor is Β£50.00 per sq ft and on the part third floor Β£56.00 per sq ft. The tenant has an option to break at year 10. AΒ rent-free period of 22 months has been agreed with a rental penalty ofΒ six months if the break is exercised.
The letting to HOK followsΒ previousΒ transactions that have been concludedΒ at the scheme. Tribal Group, a leading provider of consultancy services to the public sector,Β recentlyΒ took 12,173 sq ft (1,130 sq m) of office space on the third floor and luxury beauty retailer, Space NK,Β took a ground floor retailΒ unit. Other occupiers at the building areΒ the media agency,Β Vizeum andΒ sushi chainΒ Itsu.
John Burns, Chief Executive of Derwent London, comments:Β
"As with other DerwentΒ schemes, we haveΒ endeavoredΒ to createΒ an attractiveΒ tenant mixΒ whichΒ reflects theΒ improving natureΒ of the surrounding area. We are delightedΒ toΒ welcomeΒ HOK, architects whose work we greatly admire, toΒ Qube.Β This brings lettings achieved by Derwent toΒ Β£12.3 millionΒ so far this year."
James Berry, HOK, Director of Management & Operations,Β comments:
"HOKΒ understand that the builtΒ environment has a profound affect on people's lives. We choseΒ QubeΒ for its fantastic central location and the high quality of the building's architecture and interiors. As a signature building in a strong,Β central W1Β location,Β it will placeΒ our staff at theΒ veryΒ heart ofΒ London's commercial design and creative industries."
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For further information please contact:
Dido Laurimore/Β Olivia Goodall, Financial Dynamics: Tel: 020 7831 3113
John Burns, Chief Executive, Derwent London: Β Tel 020 7659 3000
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