Siemens has signed for 30,000 sq ft at Francis House in Cambridge.
The electronics giant is paying developer Pace a rent of £31.50 per sq ft on a ten-year lease with a five-year break.
The move will see it move from 46 Regent Street in the heart of the city centre, to the station area.
The deal leaves just 5,000 sq ft of space at the refurbished building, which completes next week.
Despite the letting and a chronic lack of space in the city centre market, Pace managing director Johnny Vincent said he remained cautious about the market.
He said: “You have to be careful there are not too many big tenants out there. I’m confident about Cambridge but let’s not get carried away.”
Pace will now start work on neighbouring Betjeman House, which it plans to convert to residential use, and will complete a refurbishment of KPMG’s former HQ at 37 Hills Road as a 10,000 sq ft New York loft-style office next month.
Bidwells acted for Pace; Colliers International advised Siemens.
nadia.elghamry@estatesgazette.com
