Segro seals 20,000 m[sup]2[/sup] lease agreement with Fluor

UK REIT Segro said on Tuesday that it has signed a pre-let deal with Fluor, a subsidiary of New York-listed Fluor Corporation, to take 210,000 sq ft (20,000 m2) of prime office space at its business park IQ Farnborough in Hampshire, UK. The pre-let is thought to be the largest in 2008 in the UK South East office market outside London.

The new Fluor headquarters will consist of four buildings, one of which will be acquired by the company with three other buildings being taken on long-term leases. Construction on the site will start in January 2009, with completion of the four buildings phased during the course of the first and second quarters of 2010.

'This is another important phase in the ongoing development of IQ Farnborough, following previous completions and the current construction of the De Vere Hotel, scheduled to open in summer 2009,' Segro said in a statement.

Fluor is expected to move its UK staff of 1,800 to the new scheme in 2010.

The lettings agents for IQ Farnborough are Jones Lang LaSalle, Cushman & Wakefield and Hollis Hockley.