Development Securities has secured the first tenant for its £500m Royals Business Park at Royal Docks, E16.
Kelway, an IT solutions provider, has taken 10,347 sq ft in Building 1000, the £70m first phase of the park, on a 10-year lease at £19 per sq ft.
The deal follows a two-year battle to land a tenant after the 252,000 sq ft of Grade A accommodation completed in June 2004.
DevSec and partner Standard Life Investments had been seeking a single occupier but have recently targeted multi-occupancy.
When completed, the 50-acre site developed by DevSec and Standard Life alongside the London Development Agency – will be London’s largest urban park with 1.6m sq ft of offices and 100,000 sq ft of retail and leisure, extensive landscaping and public spaces.
Martin McGuire, investment director at Standard Life Investments, said: “This is a swift and strong validation of our changed leasing strategy.
“We are delighted to welcome Kelway as our first occupier.
“We are also in discussions with a number of other parties for suites and floors in the East building and hope to make further announcements shortly.”
Simon Hesketh, Development Securities, added: “The change in our leasing strategy for Building 1000 is in response to the significant demand for high specification flexible office space in the Docklands area.”
Knight Frank and Atisreal acted on behalf of Standard Life Investments/Development Securities; Goldstein Leigh acted on behalf of Kelway.
References: EGi News 26/06/06
