Business
Network building fully pre-let
Derwent London plc has announced that its Network W1 development is fully pre-let to Databricks on a 15-year lease for £14.1 million annually, shortly before completion. This significant letting underscores the robust demand in the London office market for well-located, amenity-rich spaces. The company also reported that since the start of 2026, it has secured new lettings totalling £15.7 million in rent, with an additional £2.1 million from lease renewals and regears, and has £4.3 million of transactions under offer, demonstrating strong business momentum. Disclaimer*
About this update from Derwent London Plc
[{"type":"text","content":"\n\n\n\n\n\nDerwent London plc (\"Derwent London\" / \"the Group\")\nNetwork building fully pre-let\n\n\n\n\nDerwent London is pleased to announce that it has pre-let the entire 136,300 sq ft of offices at Network W1 to Databricks, a data and AI company, on a 15-year lease with a break at year 10. The annual rent is £14.1m.\nThe London office market is entering a period of very low new supply while demand remains robust, sector diverse and focused on the right space in well-connected locations, supporting the strong rental growth outlook. Network provides amenity-rich, adaptable and sustainable space which meets the requirements of modern occupiers.\nPaul Williams, Chief Executive of Derwent London, said:\n\"We are delighted to have pre-let all of the offices at Network W1 to Databricks shortly before completion at a rent which reflects the quality of the space we are delivering. This maintains our long and successful pre-letting track record. Momentum is strong across the business and since the start of 2026, we have now agreed lettings totalling £15.7m of rent with lease renewals and regears adding a further £2.1m. In addition, we have £4.3m of transactions under offer.\"\nFor further information, please contact:\n\n\n\n\nDerwent London\nTel: +44 (0)20 3478 4217 (Robert Duncan)\n\n\nPaul Williams, Chief Executive\nEmily Prideuax, Executive Director\nRobert Duncan, Head of Investor Relations\n\n\n\n\nBrunswick Group\nTel: +44 (0)20 7404 5959\n\n\nNina Coad\nPeter Hesse\n\n\n\n\n \n\nNotes to editors\n\nDerwent London plc\nDerwent London plc owns a commercial real estate portfolio predominantly in central London valued at £5.1 billion as at 31 December 2025, making it the largest London office-focused real estate investment trust (REIT).\nOur experienced team has a long track record of creating value throughout the property cycle by regenerating our buildings via redevelopment or refurbishment, effective asset management and capital recycling. We typically acquire central London properties off-market with low capital values and modest rents in improving locations, most of which are either in the West End or City Borders. We capitalise on the unique qualities of each of our properties - taking a fresh approach to the regeneration of every building with a focus on anticipating tenant requirements and an emphasis on design. Re...