Global insurance provider AXA has completed a new ten-year lease on the newly refurbished 14,208 sq ft first floor at St Philips Point, Temple Row, Birmingham, in an ongoing commitment to their long-term occupation of the building.
Landlord Ediston Property Investment Company has recently invested £1.0m at St Philips Point, refurbishing the first floor.
In addition to AXA, a tenant of the building for 15 years, law firm Weightmans and accountants RSM occupy the ten storey 102,000 sq ft building.
Savills and Avison Young represented Ediston.
Ben Thacker, a director in the national offices team at Savills, said: “AXA undertook a review of their property requirements last year. A number of alternatives were considered but the business opted to remain at St Philips Point, surrendering part of their space on the upper floors and consolidating occupation into a large single floorplate on the first floor.
“The 14,208 sq ft suite will supplement the accommodation AXA retains on the fifth and eighth floors, with AXA now occupying 27,990 sq ft.
“The prime central location, contemporary Grade A specification and the landlord’s willingness to work with AXA to offer the flexibility they required to restructure their existing leases and move them to more efficient space within the building, swung the deal.”
Office suites from 5,245 sq ft up to a total of 19,213 sq ft on the fourth, sixth and seventh floors will be available from this summer following Cat A re-fit works in readiness for occupation. Rents are from £25 per sq ft.
Lambert Smith Hampton advised AXA.