UK REIT British Land has announced plans to invest £196 mln (€220 mln) in the redevelopment of an office building at Regent's Place in London's West End after having finalised terms on a pre-let of the office space to media and digital communications specialist Dentsu Aegis Network.
Dentsu Aegis, which currently occupies 118,000 sq ft (11,000 m2), will let the entire 310,000 sq ft asset on a 20-year term as it plans to use the building as its global head office.
The 366,000 sq ft redevelopment increases the lettable area by 127,000 sq ft and includes 20,000 sq ft of retail and leisure at ground floor and 10,000 sq ft of affordable work space.
Designed by architects Arup Associates, the project has received planning consent from the London Borough of Camden and work is expected to start on site in March 2018.
Regent's Place is a 13-acre campus in London's West End. The campus has been substantially redeveloped in recent years, and occupiers include Facebook, Santander, Dimensional Fund Advisors and Debenhams corporate headquarters.
Tim Roberts, head of Offices at British Land, said: 'I am delighted that we have agreed one of the largest pre-lets in the West End in over 20 years with Dentsu Aegis demonstrating the strength of demand for high quality, well-located space. This enables us to commit to our redevelopment at 1 Triton Square, which marks the next phase in the evolution of Regent's Place.'
