A tech company is to set a new record rent for Clerkenwell and Old Street, EC1.
Environment simulation company Improbable is under offer on around 30,000 sq ft for the top two floors of Derwent’s White Collar Factory on a 10-year lease.
It is understood to be paying £77 per sq ft with a guaranteed uplift of £80 per sq ft – a new headline for the area.
Monmouth Dean acted on behalf of Improbable, and Pilcher Hershman and Cushman & Wakefield advised Derwent.
Rents previously reached £68 per sq ft at the Paramount Building, 206-212 St John Street, EC1.
Historically cheap rents and a proximity to like-minded occupiers drew businesses to the area.
But the market has evolved with limited supply driving the delivery of new grade-A space such as The White Collar Factory and Helical’s The Bower.
Combined with the proximity to Crossrail, which will have a station at Farringdon, this has pushed rents upwards.
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