Design agency Brandopus has signed a prelet for space at Derwent London’s 1 Stephen Street, W1, formerly known as Central Cross.
The firm is taking 10,100 sq ft on the ground floor at a rent of £52.50 per sq ft and 5,300 sq ft on the lower ground floor at £21.50 per sq ft.
The lease is for a 10-year term with no breaks, an upward-only rent review on the fifth anniversary and a rent-free period equivalent to 18 months.
Derwent bought mixed-use block Central Cross, 18-30 Tottenham Court Road and 1-2 Stephen Street, W1, in 2010 for £146m, a 5.5% net initial yield.
Offices at the property are currently being refurbished as part of the first phase of Derwent’s regeneration plans at 1-2 Stephen Street.
This phase, totalling 23,000 sq ft, includes the remodelling and extension of the main office entrance. These works are expected to coincide with phase two, which will include a further office refurbishment of 21,000 sq ft.
Brandopus will move from its 5,000 sq ft at Derwent’s Charlotte building when the new offices are ready in the second half of 2013.
Pilcher Hershman advised Brandopus; Derwent London was represented by Jones Lang LaSalle, DTZ and Pilcher Hershman.
