Business
Successful Pre-Let to Freud Communications
Successful Pre-Let to Freud Communications.
About this update from Derwent London Plc
[{"type":"text","content":"\n \nRNS Number : 0408M Derwent London PLC 11 July 2014 \n\n \n \n \n11 July 2014 \nDerwent London plc (\"Derwent London\" / \"the Group\")\nDerwent London pre-lets 28,000 sq ft at 1+2 Stephen Street W1 to Freud Communications Limited for new West End Headquarters\nDerwent London has pre-let 28,000 sq ft of newly refurbished offices at 1+2 Stephen Street to leading public relations firm, Freud Communications Limited ('freuds'). \nfreuds is taking a self-contained unit on the lower floors at 1 Stephen Street, comprising its own entrance on part ground together with mezzanine and first floor. The lease is for a term of 15 years at an initial rent of £65 per sq ft with a fixed increase to £75 per sq ft after five years and an open market upward-only rent review at year ten. The initial rent is £1.8m pa, rising to £2.1m pa after five years. There is a tenant break at year 10 and incentives equivalent to an 18-month rent free period, together with a further six months if the break is not exercised. \n1+2 Stephen Street is a 267,300 sq ft office and retail building fronting Tottenham Court Road and is within 200m of the new Tottenham Court Road Crossrail station which is currently under construction and due for completion in 2017.\nDerwent London purchased the block in 2010 and is undertaking a repositioning of the entire building, the first phase of which comprises a comprehensive refurbishment of 102,000 sq ft of office space and the entire redevelopment of the ground floor streetscape. The new entrance at 1 Stephen Street, together with the refurbishment of 18,000 sq ft of studio space (pre-let to BrandOpus), was completed in late 2013. The refurbishment of the freuds space will be completed by mid-August with the remaining office space due to finish by mid-October. \nFollowing the letting to freuds, 45% of the refurbished space has been pre-let. The remaining office space will include the penthouse floors at ...