Hertfordshire County Council is poised to sign the biggest letting in the north M25 market this year by taking 155,000 sq ft of offices at two of Norwich Union’s buildings in Stevenage.
The insurance group last month announced streamlining plans allowing for negotiation with the council of a sublease of space at Farnham House and Robertson House.
The council confirmed the talks were expected to conclude by the end of the year, with £16 per sq believed to be the rent on a minimum 10-year lease.
An internal memo said: “We plan to relocate around 1,500 staff from the North Herts, Welwyn, Hatfield and Stevenage areas along with the Hertfordshire Development Centre coming from Wheathampstead.
“This should be completed during the 2007/08 financial year.”
Savills is advising Norwich union: Lambert Smith Hampton is advising Hertfordshire County Council.
References: Property Week 13/10/2006
