Savills jointly with Cushman and Wakefield, on behalf of landlord Park Estate Investments Limited, has let the first floor of 18 Park Place, Cardiff to investment manager Downing LLP.
The investment manager has signed a new five year lease on 2,642 sq ft (245.45 sq m) of office space at a rent of £20 per sq ft (£215.28 per sq m). The office is located on Park Place, Cardiff’s established office core and will be a new tech hub for the firm. It benefits from close proximity to both the prime retail pitch of Queen Street and Cardiff Central Station. Nearby occupiers include Geldards LLP and Cunningham Lindsey.
Gary Carver, director in the business space team at Savills Cardiff, comments: “We are pleased to have secured Downing LLP as the newest tenants at 18 Park Place. The property benefits from a prominent location and is a perfect fit for the firm.”
Chris Terry, Associate Partner office agency at Cushman & Wakefield Cardiff, adds: “The letting to Downing LLP demonstrates the continued demand from occupiers for high quality office suites in the city centre, especially in the sub 3,000 sq.ft size range.”
Kyle Augustin, Chief Technology Officer, Downing, says: “Our aim in creating the new tech hub is to utilise technology more than we currently do to support the growth of the business. While we already employ a number of highly experienced individuals, Cardiff is a hotbed of technical talent and is relatively close to a number of universities. Importantly, it’s also easy to travel to and from London when necessary. The city has a great feel to it and we want to create an office environment that people enjoy coming to and where they can flourish and develop their talent.”
MK2 Real Estate advised Downing LLP.