Derwent lets 89,000 sq ft of Whitechapel Museum to Swedish photography museum

Derwent London has prelet the lower ground floors and an office pavilion at The White Chapel Building in London, E1, to Fotografiska. Fotografiska runs a photography museum in Stockholm and will use the space for Fotografiska – The London Museum of Photography. The initial rent is £2.4m per annum or £27 per sq ft. It will occupy the whole of phase 2’s 89,000 sq ft on a 15-year lease with five-year rent reviews based on RPI increases. Rent free is equivalent to 30 months on a 12-year lease, rising to 36 months on a 15-year term. Derwent bought the vacant 185,000 sq ft building at 10 Whitechapel High Street, E1, in December 2015. John Burns, chief executive officer of Derwent London, said: “We believe their arrival will be a major benefit to the area and Fotografiska’s character endorses the group’s focus on good design. This prelet means that we will have successfully let the entire property.” To send feedback, e-mail alex.peace@egi.co.uk or tweet @egalexpeace or @estatesgazette