British Land announces today that Debenhams plc (“Debenhams”) has agreed to pre-let a further 29,500 sq ft of office space at 10 Brock Street, Regent’s Place, NW1. As a result, Debenhams has now agreed to pre-let 174,500 sq ft of office space, for a 25 year term without breaks, which is over half of the total space being developed at 10 Brock Street.
In September 2011, it was announced that Debenhams had decided to relocate its headquarters to 10 Brock Street, consolidating their existing offices in London into a single modern site. 10 Brock Street forms part of a 500,000 sq ft office, residential and retail development at the North East Quadrant (NEQ) of our Regent’s Place estate in London’s West End. The development which was started in 2010 is well underway and due to complete on schedule in 12 months’ time.
Debenhams is the latest in a diverse range of major occupiers to select Regent’s Place for their main UK headquarters following recent lettings to Aegis Group, Gazprom, Lend Lease, Ricoh, and Dimensional Fund Advisors. The development of 10 Brock Street will complete our Regent’s Place estate, which has been transformed over the last five years through major redevelopment and upgrades to the public spaces and retail offerings. On completion this development will have added 1 million sq ft of high quality space, including 760,000 sq ft of office space and 240,000 sq ft of residential units.
Tim Roberts, Head of Offices at British Land said, “It is hugely pleasing to be letting this additional space to Debenhams, in what is the largest pre-let in the West End for over six years. The confidence of major corporates such as Debenhams to select Regent’s Place as the location for their headquarters is further evidence of the strength of the estate’s appeal, services and amenities and of the increasing demand from occupiers for high quality office space.”
Michael Sharp, Chief Executive of Debenhams plc said, “We are delighted to be taking more space at Regent’s Place for our new headquarters. The estate’s attributes are clear to see, being well positioned and featuring fantastic amenities, and we continue to work with British Land ahead of moving into the new offices in 2013.”