Samsung has signed a prelet for 33,980 sq ft of grade-A office space at One Cambridge Square in Cambridge North.
The Japanese tech company will occupy the top three floors, which include a roof terrace. The building is targeted for completion in the second quarter of this year.
The site was acquired by Schroders Capital UK Real Estate Fund in 2020 with a view to redeveloping the building to meet increasing demand for workspace from tech and life sciences companies.
The development is being built to high sustainability and wellbeing standards, targeting a BREEAM Excellent rating and featuring LED lighting, solar panels and a biodiverse brown roof. It also includes EV charging spaces, 364 bike spaces, shower and changing facilities, as well as a convenience retail and service offering on the ground floor.
Brookgate is a development partner on the project, with Bidwells appointed as a letting agent.
One Cambridge Square forms a part of a wider redevelopment of Cambridge North, which includes the new railway station. The masterplan for the area encompasses 900,000 sq ft of new office and laboratory space, a 217-bedroom Novotel hotel, 425 homes, and leisure and retail amenities alongside new green areas and public realm.
Rob Cosslett, fund manager for Schroders Capital UK Real Estate Fund, said: “One Cambridge Square was our first acquisition in the city, but the asset and the surrounding area possess the key fundamentals the fund is looking for and will allow us to grow income returns, increase exposure in sectors expected to outperform, and strengthen future capital performance potential.
“Our expert offices team will now look to draw upon their experiences of attracting leading long-term occupiers to our portfolio of assets to fill the remaining space at One Cambridge Square, as well as identify further opportunities across the Cambridge North masterplan where we can deliver strong returns for our investors.”
Bidwells head of science and technology Max Bryan said: “It is encouraging to see good interest in the remaining space of the building, which offers amenities and sustainability features.
“The interest in this development is a testament to the city’s ecosystem and the credentials of North Cambridge as a location for market-leading occupiers.”
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