TransferWise currently occupies 31,700 sq ft on a lease due to expire in December 2023 with a tenant break in May 2021 and has committed to a new five-year lease on 48,950 sq ft, an increase of 54%. The new rent is in line with the passing rent and ERV. There is an overall rental incentive equivalent to an 11-month rent-free period.
This is a further expansion of this very successful innovative business having moved to 24,300 sq ft in the building in 2016 and reflects a longstanding relationship between the parties.
Once occupied by the Lipton Tea factory, the Tea Building was originally a block of early twentieth century warehouses. These have been creatively refurbished to provide a number of high quality open spaces allowing businesses to stamp their own distinctive mark on each unit. Rolling refurbishments, including our Green Tea sustainability initiative that now covers 72% of the offices, have upgraded the space and we have recently enhanced the entrance creating additional amenities.
Paul Williams, Chief Executive of Derwent London, said:
“We pride ourselves in our long-term customer relationships and are delighted that we have been able to accommodate TransferWise in their extraordinary business development. The Tea Building has also had a remarkable journey from a spartan warehouse to a thriving Shoreditch hub, and one that continues with the recently remodelled entrances and our ongoing Green Tea environmental initiatives.”
Darren Graver, Office Expansions Lead at TransferWise, said:
“TransferWise is continuing to grow, and making sure we have the right space for our people is crucial for our future plans. As many people mix working from home, the office, and remotely, we know just how important flexibility is to our team. Following internal workplace surveys and focus groups, we learned that our people wanted a hybrid working model that caters to that as well as it can. By expanding our office space, and offering more flexibility for our teams to work however and wherever suits them best, we can ensure we’re equipped for the future of work.”