Derwent London has pre-let the 13th floor at The White Collar Factory to Adobe, who has already taken two other floors in the tower.
The new letting comprises 14,900 sq ft for a rent of £1.0m pa or £67.50 per sq ft. It is for 11.5 years and incorporates a minimum uplift with a cap and a floor on rental review
in five years’ time. Adobe received incentives equivalent to 22 months rent free.
White Collar Factory is nearing completion a few months behind the original schedule.
The 237,000 sq ft tower building is 80% pre-let with only the top two and a half floors available. The half floor is under option until six months after practical completion.
Derwent London is now focused on marketing the lower
rise buildings surrounding the new open space.
Currently they have pre-let 15,600 sq ft of this office space, and 9,000 sq ft of retail is conditionally under offer, which leaves 23,400 sq ft of lower rise offices and the 8,000 sq ft residential space still to let. The ERV of the project is £16.9m and the remaining capital expenditure is £11m.
Source: Derwent London Annual Results 2016 Preliminary Announcement derwentlondon.com 28.02.2017