Helical Bar Regulatory News (HLCL)

10th January 2018

25 CHARTERHOUSE SQUARE FULLY LET

- FINAL LETTINGS ACHIEVED LESS THAN NINE MONTHS AFTER COMPLETION -

- ONE CREECHURCH PLACE NOW 69% LET AND A FURTHER 5% UNDER OFFER -

Helical, one of London's leading property developers, has agreed three further lettings at 25 Charterhouse Square, totalling 24,768 sq ft, meaning the 43,493 sq ft building is now fully let. The new lettings comprise 11,720 sq ft to Senator Group, 6,527 sq ft to Hudson Sandler and 6,521 sq ft of additional space to existing tenant, Anomaly.

The announcement builds on further lettings success at One Creechurch Place with lettings totalling 54,315 sq ft to Dell Corporation and Enstar, meaning 69% of the building is now occupied with a further 5% under offer.

Lettings across both buildings are further evidence of the robust demand for Helical's market-leading office developments from a diverse occupier base, all achieved at competitive market rents.

Gerald Kaye, CEO of Helical, said: "Securing these impressive tenants at Charterhouse Square, and within such a short timeframe, demonstrates clearly that appetite for high-quality, well-located office space in London is as robust as ever. Having taken the decision to invest heavily in the building and back the wider EC1 vision, it's exciting to see the progress that has been made, vindicating our strategy of creating design-led London offices where people want to work alongside other dynamic and exciting businesses. This is yet another example of our team creating a flexible, multi-let environment which reflects a proven formula achieved across our portfolio.

"These latest lettings at One Creechurch Place are a fantastic achievement by all involved and demonstrate that, despite some initial impact following the EU referendum and ongoing Brexit negotiations, for the best-located and highest-quality office developments, the draw of London to global occupiers remains strong. Situated adjacent to the new public realm and green spaces of Mitre Square and Aldgate Square, we are optimistic about letting the remaining space during 2018"

25 Charterhouse Square

Senator Group (www.thesenatorgroup.com), one of the world's leading office furniture manufacturers, chose the building for its London headquarters and has taken two ground floor retail units that will be used as showrooms, as well as the first floor, on a five year lease with a third year break. The first floor office space was let at £77.00 psf, which demonstrates that businesses are prepared to pay a premium for the flexibility Helical offers on leases.

Hudson Sandler (www.hudsonsandler.com), an award-winning communications consultancy, has agreed a 10 year lease at the quoting rent of £75.00 psf. Founded in 1986 in the City, Hudson Sandler was keen to stay within this area of London and the building, which overlooks the historic gardens of Charterhouse Square, provides the creative and inspiring environment the firm's employees were looking for.

Global marketing agency Anomaly (www.anomaly.com), which took two floors in 25 Charterhouse Square upon its completion in March 2017, has now expanded and signed an additional 6,521 sq ft, taking its occupation in the building to 18,716 sq ft at a headline rent of £75.00 psf. The quick expansion of Anomaly reflects the booming creative industry in London.

Carl Johnson, Founder of Anomaly, said: "My business is only a success because of the people that work here. There is a war to attract and retain the very best talent and I see 25 Charterhouse Square as a weapon in that war - everyone wants to work here because it is such a fantastic building". 

Helical acquired the long leasehold interest in 25 Charterhouse Square in January 2016. Working with award-winning architects, Buckley Gray Yeoman, planning permission was obtained to add an additional sixth floor which was followed by a comprehensive refurbishment of the building, including a new core rationalisation and enhanced entrance lobby.

Having completed the final lettings at the end of December 2017, the entire process took less than two years from acquisition, highlighting the speed at which Helical obtained planning and carried out the refurbishment, as well as the strong demand for high quality office space in the popular Tech Belt location, which will further benefit from the opening of the Elizabeth Line at Farringdon East Station at the end of this year.

One Creechurch Place

Dell Corporation, the computer technology provider, has taken 22,357 sq ft, across all of the first floor and part of the second, on a 10 year lease. Enstar, the global insurance group, has taken two floors, totalling 31,958 sq ft, also on a 10 year lease. These latest lettings build on the success of late 2017 when Hyperion, the international insurance intermediary, took the top six floors totalling 115,910 sq ft, on a 15 year lease. Travelers, the American insurance company, agreed a 10 year lease on the third floor, totalling 15,969 sq ft. Just four and a half floors of the 17 storey building, totalling 69,659 sq ft, remain to be let.

Helical's joint letting agents for 25 Charterhouse Square are Ingleby Trice and Knight Frank. Senator Group was advised by Ingleby Trice, Hudson Sandler was not represented and Anomaly was advised by Colliers. At One Creechurch Place, BNP acted for Dell and Cushman & Wakefield for Enstar. Helical is advised by Savills, Cushman & Wakefield, JLL and Ingleby Trice.

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