Derwent London is pleased to announce that it has let the top two floors of the tower at White Collar Factory EC1 to Box.com, the cloud content management company. The initial rent is £2.1m per annum or £75 per sq ft which is above December 2016 ERV. Box.com will occupy 28,500 sq ft on a fifteen-year lease with five-year rent reviews and a break in year ten. The rent free period is equivalent to eighteen months on a ten- year lease, rising to twenty three months on a fifteen-year term.
Following this letting the tower is 92% let with c.7,000 sq ft of offices remaining on part of the 12th floor. The whole development is now 83% let.
The scheme has only recently been completed and the first tenants are already in occupation and creating an energetic new community in this new landmark at the heart of the capital’s Tech Belt. The White Collar Factory tower comprises 237,000 sq ft and is the principal building within the office-led campus. It incorporates innovative and sustainable design with 3.5m high ceilings, concrete core cooling, openable windows and the ability to accommodate flexible occupation. There is a further 39,000 sq ft of offices, three restaurants and nine apartments surrounding new public space.
John Burns, Chief Executive Officer of Derwent London, said:
“The addition of Box.com to an already strong line-up of occupiers is a great endorsement of both Derwent London’s product and the Tech Belt area. Our decision to develop an innovative office campus which ensures occupier flexibility and incorporates industry-leading sustainability features has been fully justified by the excellent response the building has received.”
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