Harbert Management Corporation (‘HMC’) & XLB has secured Time Inc. UK, Britain’s leading publisher of print and digital magazine content as its first key tenant at Pinehurst, Farnborough Business Park.
Time Inc. UK has acquired 30,000 sq ft at Pinehurst II, the new speculative office development at the heart of the Park, on a 10 year lease. Time Inc. UK will relocate employees from its specialist brands, including iconic titles such as Horse & Hound and Country Life, from Central London. It was attracted by the Business Park’s environment, amenity offer and connectivity by both rail and road. This transaction represents the largest letting in Farnborough for five years.
Matt Willcock, Director at CBRE commented “With vacancy levels reducing from 24% to 0% within two years of HMC purchasing the Park, it was clear that speculative development would sit well in the marketplace. To secure a substantial tenant like Time Inc. UK within two months of reaching practical completion of the development, where prime rents have grown considerably, justifies their decision. We are confident more success will follow shortly.”
Up to 78,000 sq ft of Grade A accommodation remains across Pinehurst I and II, from a single floor of 11,600 sq ft up to a whole building of 48,829 sq ft in Pinehurst I. The quoting rent is £27.50 per sq ft.
CBRE, Hollis Hockley and DTRE represented Harbert Management Corporation/XLB.
Cushman & Wakefield represented Time Inc. UK