Alberta Investment Management Corporation (AIMCo) and XLB have prelet 46,000 sq ft at 1 Causeway Park in Staines to Gartner UK in the largest deal in the Thames Valley this year, triggering the speculative development of an 120,000 sq ft office.
Gartner has taken a 12-year term on what is also the largest letting in Staines for four years.
The prelet on the ground and first floors has launched the speculative development of the building totalling 120,000 sq ft over ground and four upper floors.
The development will be delivered in Q1 2021 and will be the only speculative office building delivered in the Thames Valley in that year, the parties said. Once complete 74,000 sq ft will be available on floors 2, 3 and 4 with floorplates of 25,000 sq ft.
The Grade A office development is the gateway site to Causeway Park, which is being fully master-planned. An access road off the Causeway is being delivered as part of the development in addition to a food store, light industrial space, a multi-storey car park and a hotel with a food and beverage offer.
Tony Lawson, partner of XLB, said: “This is a great endorsement for Causeway Park and will serve as a major catalyst to AIMCo and XLB’s plans to rejuvenate the estate to create a vibrant mixed-use location for business. 1 Causeway Park will be a landmark building and due to be one of the very few new office buildings delivered to the market in 2021.”
Matt Willcock head of South East Office Investor Leasing at CBRE, said: “To secure a pre-let with such an expansive company such as Gartner, which triggers much needed new office development in the South East office market, is a fantastic achievement. 1 Causeway Park will be a state-of-the-art office building on the gateway site in Staines upon Thames. We are confident that with a vibrant tenant already secured on the lower floors to activate the building, as well a new onsite café, large floorplates and parking at 1:279 sq ft, gives us an excellent opportunity to attract further tenants quickly.”
CBRE and DTRE advised AIMCo/XLB; Cushman & Wakefield advised Gartner UK.