M&G Real Estate has signed financial leasing services provider GRENKE for 14,572 sq ft of offices at 2 London Square in Guildford in a deal that equals the town’s record rent.
GRENKE, which is re-locating to larger premises, will take space on the ground and first floors. It has signed a 10-year lease at a rent of £34 per sq ft, which M&G Real Estate said is Guildford’s joint record headline rent.
M&G Real Estate bought 2 London Square in 2014, and refurbished the asset alongside the adjacent 3 London Square to create 35,618 sq ft in total.
The building has been redeveloped with a new floor added to the building following the addition of dormers to the roof.
GRENKE joins services consultancy WSP, while 1 London Square is now fully-let to HSBC, Charles Russell Speechly and RSM.
Aaron Pope, director – asset management at M&G Real Estate, said: “This letting further underlines Guildford’s position as an attractive location where occupiers can grow their businesses, and attract and retain talent. Reaching full capacity speaks volumes about the strength of the building’s design – as well as its facilities and amenities – which include showers and lockers on every floor, and the provision of Brompton bikes for tenants to cycle into town. Such additions fully reflect the needs of modern occupiers – a major consideration for us during the refurbishment process. We look forward to welcoming GRENKE to 2 London Square in the summer.”
Robin Spurr, managing director, GRENKE Leasing, said: “GRENKE is delighted to have taken a lease on these high quality premises which will serve as our UK Headquarters and suit our long terms needs ideally. We were impressed with the flexibility shown by M&G Real Estate in agreeing a package which enabled us to relinquish our current liability as well providing an allowance to enable us to fit out our new premises to meet our occupational requirements.”
M&G Real Estate was advised by Knight Frank and Hanover Green, GRENKE was represented by Wadham and Isherwood.