Wyeth takes HQ at PRUPIM’s Green Park

  Pharmaceutical giant Wyeth has completed the Thames Valley’s largest prelet of 2007, taking a 140,000 sq ft purpose-built headquarters at PRUPIM’s 180-acre Green Park in Reading.   PRUPIM has lodged a planning application for the building at 500 Brook Drive, off Longwater Avenue, which will include 115,000 sq ft of offices for Wyeth, which is currently based in Taplow, Berkshire.   The letting ends close to a year of negotiations and signals the continued appetite among Thames Valley occupiers for new, purpose-built product rather than refurbishment. Green Park has an overhang of close to 500,000 sq ft of offices that tenant Cisco is trying to assign.   Development director of Prupim Tim Davis said that the modern, state-of-the-art building would be completed by 2009 if planning was granted.   Knight Frank is the letting agent for PRUPIM at Green Park and King Sturge advised Wyeth.   This month PRUPIM announced that it was looking to sell a 50% stake in the scheme, valuing the stake at £400m-£500m, with the end value of the built out development estimated at £1.25bn.   The developer has planning consent for 2.3m sq ft of offices.   helen.roxburgh@egi.co.uk