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Social media giants, Facebook, are on the verge of signing up to another vast pre-let deal in the heart of Central London.
The space in question, Great Portland Estate’s 1 Rathbone Place, in Fitzrovia, comprises of 217,000 sq. ft. of office space and would become one of the largest leasing deals in the West End this year and close to the largest pre-let in Central London this cycle. The development is not due for completion until 2017 and Facebook are understood to have negotiated a rent levels above the £73 per square ft. value. The deal represents both the strength of the market and the financial clout of the giant media companies who can afford to bullishly acquire prime real estate in the Capital, regardless of timings.
Facebook are already a large occupier of commercial space in Central London, leasing 67,000 sq. ft. at British Land’s 10 Brock Street at Regents Place and 66,000 sq. ft. at 338 Euston Road. The company also has short term space at 2 Stephen Street. Teresa Beatty, surveyor at tenant acquisition specialist Morgan Pryce, believes that the new possible pre-letting outlines the strength of media companies in the current market,
“Facebook are one of a number of companies that have taken large space in the West End and surrounding areas over the last few years at high rental levels. The W1 postcode is an attractive pulling factor; Twitter, Candy Crush Saga are two companies with large spaces in the West End, whilst Google’s presence at Kings Cross has also created a buzz in the area. These companies are able to take large spaces with little concern for costs.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.