Expedia extends its commitment to London
28 Feb 2017
Derwent London has regeared a number of leases with the Expedia group (“Expedia”) and Cancer Research UK at Angel Building, Islington EC1. Expedia will occupy 231,400 sq ft or 93% of the office element from 2020, and has extended its tenure from 2021 to 2030. There are minimum rental uplifts on various leases at the next review either in 2020 or 2021. Expedia will also have the right of first refusal on the remaining 17,100 sq ft of office space when the lease expires in 2021.
Expedia currently occupies 93,400 sq ft and has agreed to take on two other leases. The majority of this additional space becomes available when Cancer Research UK moves to a new headquarters, which is unlikely to occur before 2019. Following this change, Expedia will be the principal occupier of the building through 2030.
John Burns, Chief Executive Officer of Derwent London, said:
“We are delighted to have facilitated Expedia’s expansion plans thereby cementing our relationship and extending the income profile of the building. The Angel Building continues to represent excellent, good value space attracting top quality occupiers.”
Johan Svanstrom, president of Hotels.com brand, part of the Expedia group, said:
“Angel and Islington has proven to be a fantastic location for our London-based employees. As a company, we see a lot of opportunity in London given the continued growth of ecommerce and technology industries and the strong pool of talent in the city.”
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