Derwent London Plc (LON:DLN) today announced that it has pre-let the top six floors of 1 Soho Place W1 to
G-Research, the financial data research and software development company. G-Research will take 102,600 sq ft of offices, which represents 53% of the office space in this building, or 42% of the commercial space in the entire development including 2 Soho Place. G-Research has committed to a 15-year lease at a rent of £9.7m pa, with five-year rent reviews, no breaks and incentives in line with our other recent lettings.
This prominent AHMM-designed scheme located over the Tottenham Court Road Elizabeth line and Underground station will total 285,000 sq ft in two buildings comprising: 1 Soho Place 192,000 sq ft of offices with 36,000 sq ft of retail space and 2 Soho Place 40,000 sq ft of theatre (which is pre-let) and 17,000 sq ft of offices. Completion is expected in the first half of 2022. The Group recently signed the main £195m construction contract with Laing O’Rourke and work has started on site. The development occupies a gateway position at the junction of Oxford Street and Charing Cross Road. It will form a significant part of the major upgrade of the area at the eastern end of Oxford Street which is re-establishing itself as one of central London’s key locations.
John Burns, Chief Executive of Derwent London, said:
“We are delighted to have secured our first major pre-let at Soho Place at such an early stage to a growing leading-edge business. The pre-letting reflects the quality of our product, the site’s attractions and London’s continuing appeal. Adding this transaction to our successes at Brunel Building W2 and 80 Charlotte Street W1 takes our current pre-let space to over 650,000 sq ft representing £48m of additional rental income.”
