Construction consultant Faber Maunsell is to move to London’s midtown after taking 37,000 sq ft at Derwent Valley’s Johnson Building, Hatton Garden, EC1.
The consultant joins Grey Advertising, who recently took over 50,000 sq ft in the 150,000 sq ft building.
Faber Maunsell and sister-company EDAW will occupy the entire third floor and part of the fourth and lower ground floors, on a 15-year lease at £1.34m pa.
The leases include a 15 month rent-free period and a break-option at the end of the tenth year.
The fourth floor also has a break at year five with a rent-free period of six months plus a further nine months if the break is not exercised. The rent on the fourth floor equates to £38.50 sq ft.
John Burns, Managing Director of Derwent Valley, said: “We are delighted to secure this letting to Faber Maunsell, following the recent transaction with Grey Advertising.
“It endorses the area as attractive to both creative and professional tenants who are looking for well designed and flexible space.
“Proposals for the remaining floors are now being considered, further indication of the strong demand within the Midtown market.”
Faber Maunsell provides building engineering, transportation and environmental services across Europe. EDAW provide master planning, urban design and landscape architecture.
Smith Melzack Pepper Angliss & Jones Norris Adams acted for Faber Maunsell.
CB Richard Ellis, Mark Slim & Partners and Pilcher Hershman & Partners advised Derwent Valley.
References: EGi News 04/09/06
