Apollo signs for space in Soho

Derwent London has prelet three floors at 1 Soho Place, W1, to an affiliate of investment manager Apollo Global Management. Apollo Management International will take the second, third and fourth floors, totalling 83,100 sq ft, on a 15-year lease with five-yearly rent reviews. The deal covers 43% of the building’s office space. Apollo also has an option to take the remaining 5,200 sq ft of offices on the first floor. The latest agreement means that 96% of the office space in the building – 76% of the commercial space in the entire development including 2 Soho Place – is now prelet. Earlier this year, Derwent secured G-Research as a tenant for 102,600 sq ft. It has taken up a 15-year lease at a rent of £9.7m pa, with five-yearly rent reviews. The scheme, located over the Tottenham Court Road Underground station, will measure 285,000 sq ft across two buildings: 1 Soho Place, which has 192,000 sq ft of offices (mainly prelet to Apollo and G-Research) and 36,000 sq ft of retail space; and 2 Soho Place, comprising 40,000 sq ft of prelet theatre space and 17,000 sq ft of offices. Completion is expected towards the end of 2021. Paul Williams, chief executive of Derwent London, said: “The fact that we have prelet virtually all the office space at 1 Soho Place two years ahead of completion and on 15-year terms to international occupiers of the calibre of Apollo demonstrates the quality of our product, as well as the re-establishment of the area as a core West End mixed-use location. “The pre-letting market continues to be extremely strong across central London.” To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette