Derwent London has secured its first lettings at Qube, its recently completed office and retail development at 90 Whitfield Street, London W1. Advertising company, Aegis Media, a subsidiary of the Aegis group, has leased the second floor of 1,750 m[sup]2[/sup] for a 15-year term, with five yearly rent reviews, at £1,130,220 (EUR 1,520,565) per annum (£646 per m2), which sets a record rent for Fitzrovia, one of London's fastest improving business locations. The tenant was granted a 15-month rent-free period.
Derwent London has secured its first lettings at Qube, its recently completed office and retail development at 90 Whitfield Street, London W1. Advertising company, Aegis Media, a subsidiary of the Aegis group, has leased the second floor of 1,750 m2 for a 15-year term, with five yearly rent reviews, at £1,130,220 (EUR 1,520,565) per annum (£646 per m2), which sets a record rent for Fitzrovia, one of London's fastest improving business locations. The tenant was granted a 15-month rent-free period.
In addition, sushi outlet Itsu has leased a ground-floor retail unit in the building of 119 m2 on a 15-year term, with five yearly rent reviews, at £116,000 per annum. Itsu received a six-month rent-free period.
Qube comprises about 9,290 m2 of Grade A office accommodation arranged over five floors and 771 m2 of retail accommodation in six units fronting Tottenham Court Road.
'Qube has brought a new, high quality, design-led building to Fitzrovia, where Derwent London owns in excess of 1 million sq ft (92,903 m2) of property. We are in discussions with a number of parties for the remainder of the space', said John Burns, CEO of Derwent London.
Derwent London was advised by Jones Lang LaSalle and Edward Charles. Aegis was represented by Ashwell Rogers and Itsu was advised by Nash Bond.
