Maidenhead: Blackberry picks The Pearce Building in record rent deal
TH Real Estate has secured Blackberry, the global leader in secure mobile communications, as its latest occupier at The Pearce Building, Maidenhead, at what is reportedly the highest rent ever achieved in the Thames Valley.
The Pearce Building comprises 50,000 sq ft arranged over eight floors. Blackberry has leased 16,500 sq ft on the ground, fifth and sixth floors for £37.50 sq ft for a 10-year lease from July this year. This means that half of the building has been let within six months of practical completion.
Knight Frank and DTRE acted for TH Real Estate. Cushman and Wakefield acted for Blackberry.
Ryan Dean, partner in the national offices team at Knight Frank, commented: “The deal with Blackberry is one of the highest headline rents in the Thames Valley ever, and is therefore a very significant deal for the market. We have seen rental growth in all of the key towns and we believe there is more to follow. The increase of rent of £2.50 per sq ft this year in Maidenhead has wider connotations for the entire market.
“Our recent M25 report showed that overall take-up in the South East real estate market increased by 30% in the first quarter of 2016, representing the strongest start to the year since 2008, and the numbers for next quarter will provide further evidence of an encouraging market.”
