The Royal British Legion has taken a 10-year lease on the third floor of Hermes’ The Pearl in Newcastle.
Quoting rent on the space is £16 per sq ft. The lease for the 2,550 sq ft of space has been signed on a stepped rent arrangement.
The building offers a total of 36,364 sq ft of space over seven floors, including the 16,602 sq ft Forum, which has been designed to accommodate smaller businesses.
Stephen Bradley, asset manager at Hermes Real Estate, said: “This letting at The Pearl is a positive indicator of the lettings market in Newcastle and a direct reflection of the occupier-led leasing policy that we have adopted.
“Our investment in The Pearl has also made it an attractive proposition for the local office market.”
Hermes Investment Management was represented by Gavin Black & Partners and Knight Frank. Savills acted for The Royal British Legion.
