M&G Real Estate’s 2 London Square office asset in Guildford will be home to financial leasing services provider, GRENKE, from this summer following a 14,572 sq ft leasing deal.
GRENKE, which is re-locating to larger premises following a period of significant growth, will take space on the ground and first floors, almost tripling its current office accommodation. The company has signed a ten-year lease at a rent of £34 psf, equalling Guildford’s record headline rent.
M&G Real Estate acquired 2 London Square in 2014, comprehensively refurbishing the asset alongside the adjacent 3 London Square – the last remaining location at the town centre business park to have vacant space – 35,618 sq ft in total.
The building has been substantially redeveloped, with structural internal walls removed and an entire glazed structure added to create one continuous floor plate. A new floor was also added to the building following the addition of dormers to the roof.
GRENKE joins an impressive occupier line-up that includes natural and built environment management and services consultancy WSP, while 1 London Square is now fully-let to established names such as HSBC, Charles Russell Speechly and RSM.
London Square is a short walk from London Road train station, providing access to London Waterloo in under an hour and has excellent links to several major airports.
Aaron Pope, Director – Asset Management at M&G Real Estate, said: “This letting further underlines Guildford’s position as an attractive location where occupiers can grow their businesses, and attract and retain talent. Reaching full capacity speaks volumes about the strength of the building’s design – as well as its facilities and amenities – which include showers and lockers on every floor, and the provision of Brompton bikes for tenants to cycle into town. Such additions fully reflect the needs of modern occupiers – a major consideration for us during the refurbishment process.
We look forward to welcoming GRENKE to 2 London Square in the summer.”
Robin Spurr, Managing Director, GRENKE Leasing Ltd, said: “GRENKE is delighted to have taken a lease on these high quality premises which will serve as our UK Headquarters and suit our long terms needs ideally. We were impressed with the flexibility shown by M&G Real Estate in agreeing a package which enabled us to relinquish our current liability as well providing an allowance to enable us to fit out our new premises to meet our occupational requirements.”
M&G Real Estate was advised by Knight Frank and Hanover Green, GRENKE was represented by Wadham and Isherwood.