Derwent London is pleased to announce that Expedia, the world’s largest online travel company, has agreed to lease the top two floors of the Angel Building, 407 St. John Street, London EC1. Expedia will take 81,260 sq ft of office space at a rent of £3.33m pa on a 10-year lease with no breaks, a rent review in year five and a rent-free period of 24 months. They will pay a rent of £40 per sq ft on the 51,385 sq ft fourth floor and £42.50 per sq ft on the 29,875 sq ft fifth floor. In addition, Busaba Eathai, a restaurant that specialises in modern Thai cuisine, has leased a 4,200 sq ft retail unit at the south of the building. This follows the recent retail letting to Jamie’s Italian.
The 263,000 sq ft Angel Building redevelopment is now 95% let. It was designed by architects Allford Hall Monaghan Morris and has recently won two major awards – the RIBA London Award 2011 and the BCO London and South East Refurbished/Recycled Workplace Award 2011. Other office tenants include Cancer Research UK, which occupies just under half of the building, NG Bailey and Sage Pay. Available space in the building consists of just 12,800 sq ft of offices on the third floor and the last of the three retail units totalling 1,200 sq ft.
John Burns, Chief Executive Officer at Derwent London, commented: “These transactions continue Derwent London’s strong letting performance this year. We are extremely pleased with the letting success of the Angel Building, which was completed in September 2010, and are delighted to welcome Expedia to the portfolio. This high quality development has already established itself as a local landmark and has attracted a range of leading tenants, demonstrating the success of our product. We hope to replicate this at our 2-14 Pentonville Road refurbishment where we are on-site and which is located opposite the Angel Building.”
On the offices, DTZ, CB Richard Ellis, Pilcher Hershman and H2SO acted for Derwent London whilst Cushman & Wakefield represented Expedia. On the retail, Shelley Sandzer and CB Richard Ellis acted for Derwent London and Kelion Sworn represented Busaba Eathai.
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