Premium office development 2 Soho Place secures landmark pre-let
Global real estate advisor CBRE has advised on a landmark pre-let for Sir Lloyd Dorfman’s new premium office development, 2 Soho Place. The new occupier, a global technology-focused investment and advisory group has signed for all 3 floors totalling c.18,400 sq ft on a 5 year lease with the right to extend for a further 5 years, paying a premium Soho rent (plus services).
In a bespoke and innovative structure, the tenant was afforded the full benefit of being able to custom design the space to their exact requirements as well as choose from a menu of service options to tailor how their space will be run and managed by the landlord on day to day basis. All of this benefit has been accumulated into a single monthly cost.
The building, known anecdotally as ‘Soho Skygardens’ sits above London’s newest Nimax Theatre (the first purpose built in West End for over 50 years), offering c.18,400 sq ft of luxury office space across 3 podium floors. Each floor is complete with its own unique sky garden. The light filled building enjoys panoramic views across London whilst also housing a unique feature in Central London’s largest office passenger lift; a 52 person ‘Super Lift’, alongside an additional 12 person passenger lift serving the floors.
David Wilson, Director, CBRE Investor Leasing comments: “This significant letting highlights the growing trend towards landlord delivered, all inclusive, managed office solutions in London. These innovative solutions, have been borne out increasing demand for flexibility from occupiers as well as the increasing demand for “space as a service.” “Flexibility in leases and space as a service are trends we expect will dominate office requirements of the future. Previously, achieving this was confined to small floor plates or serviced offices only. The managed solution provides a much needed alternative and we expect to see healthy demand for this type of agreement going forward. Landlords across London are rapidly embracing this approach and, where delivered correctly, we expect to see them benefit from premium rental returns for doing so.”
Sir Lloyd Dorfman commented: “I am delighted to welcome this forward thinking tenant to what will be a truly world class office facility. Given all of the challenges over the last eighteen months surrounding the pandemic, it is reaffirming to see businesses heading back to the central London offices and really investing in new spaces in which to thrive. “Our desire to offer all-inclusive flexible packages at Soho Skygardens was borne out of listening to our existing customers and understanding how we, as landlords, can provide ‘more’ for our tenants beyond just four walls and a location.”
The building is expected to complete in Q1 2022.