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It was announced this week that Google had finally signed up to take the remaining 165,000 sq. ft. of space in 6 St Pancras square in Kings Cross. The scheme was a forward purchase from BNP Paribas in 2012 with part speculative and part pre-let development in planning. The transaction represented one of the highest office purchases of the year and more importantly saw Axa Real Estate develop a part speculative scheme, their first speculative scheme since the recession. Not only emphasising the confidence in the market from AXA’s point of view but also showing the confidence the banks and other lending institutions have in the current market. The construction of the space is due to complete in the second half of the year when Axa will look to let their retail and restaurant units below.
Google have taken a 15 year lease of the space, following on from their plans to redevelop their 750,000 sq. ft. headquarters in Kings Cross, which was announced earlier this year. The remaining space is to be occupied by BNP Paribas who also took a 15 year lease back in 2012.
Alex Goode from Morgan Pryce told us that this continued success in the Kings Cross area and the first major speculative office development in the Capital really continues to emphasise the growing demand in the ongoing regenerated area of Kings Cross. The once seedy area is now attracting the biggest and best occupiers with new space attracting rents close to £47 per square foot.
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.