Debenhams Secure New Head Office at Regent’s Place
UK retail giant Debenhams is set to take 145,000 sq ft of office space at Regent’s Place in London’s West End, a 13 acre estate operated by leading property development and investment firm, British Land.
Regent’s Place currently comprises 1.5 million sq ft of office space along with retail, leisure and residential space, the majority of which is owned by British Land. The site has been developed by the company over a 25-year period alongside architect Sir Terry Farrell, and is now almost 100% occupied.
According to news released today, Debenhams’ new head office will be located at a new property within the North East Quadrant, a sector providing 340,000 sq ft of offices that is due for completion in 2013 and forms the final phase of the extensive Regent’s Place development. Debenhams are set to take 40% of space within the building across the ground to fourth floors.
Chief Executive of Debenhams plc Michael Sharp said: “We are delighted to have secured space at Regent’s Place for our new headquarters. The estate is well positioned in the West End with great communication links across London. It also provides outstanding amenities and sense of community for its occupants.
“We look forward to working with British Land and moving into the new offices in 2013.”
Debenhams joins a range of other high-profile companies that have taken space at Regent’s Place, including the Aegis Group, Gazprom, Lend Lease, Ricoh, and Dimensional Fund Advisors.
Commenting on the agreement, Tim Roberts – Head of Offices at British Land – said that the company already enjoy “a strong relationship” with Debenhams and says it is “particularly pleasing” to welcome the company to Regent’s Place.
“Today’s announcement is a further endorsement of the quality and attractiveness of our 2.2 million sq ft office development programme to major occupiers,” he said. “The letting secures long-term income on the lower floors underpinning investment value, leaving the opportunity to attract premium rents on the higher floors closer to the building’s completion date.”
On completion, the multi-use Regent’s Place estate will provide home and workspace to approximately 14,000 people.
Find out more about office space in the West End online at officebroker.com.
Image: The NEQ development at British Land’s Regent’s Place.