Derwent London Regulatory News (DLN)

6 Oct 2008 09:30



3PRESS RELEASE

6 October 2008

Derwent London plc ("Derwent London" / "Company")

DERWENT LONDON ANNOUNCES 27,000 SQ FT LETTING AT QUBE

Derwent London has secured a further office letting at Qube, 90 Whitfield Street, London W1, to HOK International, bringing a new occupier to their Fitzrovia estate. The scheme is now over 50% let. 

HOK, one of the world's largest architectural firms, has taken the entire first and part third floors, comprising a total of approximately 27,277 sq ft (2,534 sq m) on a 15-year lease at £1,307,000 per annum, with five year rent reviews. The rent on the first floor is £50.00 per sq ft and on the part third floor £56.00 per sq ft. The tenant has an option to break at year 10. A rent-free period of 22 months has been agreed with a rental penalty of six months if the break is exercised.

The letting to HOK follows previous transactions that have been concluded at the scheme. Tribal Group, a leading provider of consultancy services to the public sector, recently took 12,173 sq ft (1,130 sq m) of office space on the third floor and luxury beauty retailer, Space NK, took a ground floor retail unit. Other occupiers at the building are the media agency, Vizeum and sushi chain Itsu.

John Burns, Chief Executive of Derwent London, comments: 

"As with other Derwent schemes, we have endeavored to create an attractive tenant mix which reflects the improving nature of the surrounding area. We are delighted to welcome HOK, architects whose work we greatly admire, to Qube. This brings lettings achieved by Derwent to £12.3 million so far this year."

James Berry, HOK, Director of Management & Operations, comments:

"HOK understand that the built environment has a profound affect on people's lives. We chose Qube for its fantastic central location and the high quality of the building's architecture and interiors. As a signature building in a strong, central W1 location, it will place our staff at the very heart of London's commercial design and creative industries."

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For further information please contact:

Dido Laurimore/ Olivia Goodall, Financial Dynamics: Tel: 020 7831 3113

John Burns, Chief Executive, Derwent London:  Tel 020 7659 3000