Derwent London is pleased to announce that it has pre-let 15,400 sq ft of offices at 1 Stephen Street, London W1 to BrandOpus, the brand design agency.
BrandOpus will occupy 10,100 sq ft on the ground floor at a rent of £52.50 per sq ft and 5,300 sq ft on the lower ground floor at £21.50 per sq ft, equating to a total rent of £0.65 million per annum. The lease is for a 10-year term with no breaks, an upward only rent review on the fifth anniversary and a rent-free period equivalent to 18 months.
The space is currently being refurbished as part of Phase 1 of our regeneration plans at 1-2 Stephen Street (formerly known as Central Cross). This phase, totalling 23,000 sq ft, involves the remodelling and extension of the main office entrance with delivery due in the second half of 2013. These works are expected to coincide with Phase 2 that will include a further office refurbishment of 21,000 sq ft.
BrandOpus is an existing Derwent London tenant and currently occupies 5,000 sq ft at the nearby Charlotte Building. BrandOpus will vacate this space upon completion of the first phase of works at Stephen Street.
Celine Thompson, Head of Leasing at Derwent London, commented: “We are delighted that BrandOpus has chosen to triple its floorspace presence in our portfolio. The initial refurbishment is an important and exciting step in the wider regeneration of 1-2 Stephen Street and the rental level achieved with BrandOpus underlines the reversionary nature of this 256,000 sq ft property.”
Pilcher Hershman acted for BrandOpus whilst Derwent London was represented by Jones Lang LaSalle and DTZ.
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