Savills has secured a pre-let at One Lyric Square to The Office Group. The flexible office provider will be the sole occupier of the building on completion in June 2018.
The Office Group has agreed to take 39,593 sq ft (3,678 sq m) across the ninth to 13th floors, in addition to the 55,562 sq ft (5,162 sq m) already signed on the lower floors. The combined deal of 95,155 sq feet (8,843 sq m) is the largest pre-let to occur in Hammersmith since 1995. The Office Group will pay £62.50 (£673 per sq m) on the top floor – the highest rent achieved in Hammersmith – and mid £50s per sq ft rent on the other floors.
One Lyric Square forms the office element at SREF’s King’s Quarter estate in west London, which also comprises the 340,000 sq ft King’s Quarter shopping centre and the King’s Quarter carpark.
Brian Allen, director in the West End office agency team at Savills, commented: “SREF has carried out an extensive internal and external remodelling of One Lyric Square to create a new Grade A office offer in Hammersmith with panoramic views over London. The size of pre-let to TOG – which will be there largest offer to date by sq ft – and rent achieved on the top floor is testament to the building being markedly different to other offices in the area.”
James Lass, fund manager for SREF, added: “Letting One Lyric Square in its entirety prior to completion is testament to both the quality of product we are delivering and the diversity of the wider offer across the entire King’s Quarter estate, combined with the continued robustness of the London office market. The letting provides secure, long-term income for SREF, mitigating any exposure to void risk. There will be winners and losers in the rapidly expanding serviced office and co-working sectors and we are strong believers in TOG as best in class, established operators within the space.”
The Office Group was represented by Colliers.