Facebook Completes Letting at 10 Brock Street
7 November 2013
Facebook completes letting at 10 Brock Street, Regent's Place
British Land announces today its letting to Facebook UK Limited ("Facebook") at its newly completed office development at 10 Brock Street. The building forms part of the Regent's Place mixed-use campus in London's West End and the letting means that all 320,000 sq ft of office space at 10 Brock Street is now fully let less than three months after practical completion of the building.
Facebook has taken 87,719 sq ft of space and will occupy three floors of the building on a 10 year lease with a break option after five years. It will move to 10 Brock Street from its current premises at Earlham Street.
Facebook will join Debenhams, Manchester City Football Club and Whitefoord LLP amongst others at 10 Brock Street. The lettings demonstrate the flexibility and appeal of space at Regent's Place which has a broad range of occupiers, from financial and professional through to media, retail and tech companies.
10 Brock Street, which is the largest office building completed in the West End since 2010, is the latest addition to British Land's 13 acre mixed use campus at Regent's Place. Last year, British Land completed the West End's largest pre-let for six years when Debenhams agreed to take 174,500 sq ft of space at the development.
The adjoining residential project, The Triton Building, has also recently completed with 88 apartments out of 94 sold. Three penthouses have just been launched offering panoramic views across London.
Tim Roberts, Head of Offices at British Land, said: "We are excited to welcome another high profile occupier to this excellent West End development. This strong leasing performance demonstrates the appeal of 10 Brock Street and Regent's Place alike to occupiers looking for high quality office space in a convenient central location. It is testament to the work we have done over the past ten years or so, to transform Regent's Place into a vibrant mixed-use campus. Regent's Place has been a key part of our London development pipeline which, along with Broadgate and the recently-acquired Paddington Central, sits well within our strategy of creating estates within central London."
CBRE and Knight Frank advised British Land and DTZ advised Facebook.
For Information Contact:
Investor Relations
Sally Jones, British Land 020 7467 2942
Media
Pip Wood, British Land 020 7467 2838
Gordon Simpson/Charlotte Whitley, RLM Finsbury 020 7251 3801
Notes to Editors:
British Land is one of Europe's largest Real Estate Investment Trusts (REITs) with total assets, owned or managed, of £16.9 billion (British Land share £11.0 billion), as valued at 31 March 2013 but adjusted for recent acquisitions and disposals, notably a major interest in Paddington Central.
Through our property and finance expertise we attract experienced partners to create properties and environments which are home to over 1,000 different organisations and receive over 300 million visits each year. Our property portfolio is focused on prime retail locations and London offices which attract high quality occupiers committed to long leases. Following our purchase of Paddington Central, our occupancy rate is 96.2% and average lease length to first break is 10.6 years.
Retail assets account for 58% of our portfolio, around 80% of which are located at prime out of town sites. Comprising around 28 million sq ft of retail space across 79 retail parks, 89 superstores, 17 shopping centres and 13 department stores, the retail portfolio is modern, flexible and adaptable to a wide range of formats. Our active asset management delivers space which is attractive and meets the needs of both retailers and consumers.
London offices, located in the City and West End, comprise 38% of the portfolio (which will rise to an estimated 40% on completion of current developments). Our 7 million sq ft of high quality office space includes Broadgate, the premier City office campus (50% share) and Regent's Place and Paddington Central in the West End. Since 2010, we have committed £1.2 billion to deliver 2.3 million sq ft of high quality space in London by 2014, including a 700,000 sq ft building at 5 Broadgate, the 610,000 sq ft Leadenhall Building in London's insurance district and a 500,000 sq ft mixed office and residential scheme at Regent's Place in the West End.
Our size and substance demands a responsible approach to business and we focus on five areas which matter most to us and our key stakeholders: managing buildings efficiently; developing sustainable buildings; enhancing biodiversity; exceeding customers' expectations and focusing on local communities. We believe leadership on issues such as sustainability helps drive our performance and is core to our corporate vision of building the best REIT in Europe.
Further details can be found on the British Land website at www.britishland.com.
This information is provided by RNS
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