GSK signs for West End headquarters
GSK has exchanged on a pre-leasing agreement with Royal London Asset Management, on behalf of Royal London UK Real Estate Fund, for 155,000 sq ft at its flagship development, the Earnshaw, New Oxford Street, WC1.
The pharmaceutical company has chosen the 12-storey building as its new headquarters. This move will see it relocate from its current home in Brentford, west London.
Before closing in on New Oxford Street in October, its shortlist had included locations in White City and Covent Garden, as previously revealed by EG.
GSK has exchanged on a pre-leasing agreement with Royal London Asset Management, on behalf of Royal London UK Real Estate Fund, for 155,000 sq ft at its flagship development, the Earnshaw, New Oxford Street, WC1.
The pharmaceutical company has chosen the 12-storey building as its new headquarters. This move will see it relocate from its current home in Brentford, west London.
Before closing in on New Oxford Street in October, its shortlist had included locations in White City and Covent Garden, as previously revealed by EG.
Located next to Tottenham Court Road, the building has easy access to Crossrail and sits at the crossroads of the Covent Garden, Soho, Fitzrovia and Bloomsbury submarkets.
Rents at the development are said to be in the region of £95 per sq ft, depending on the floor.
The Apt Architects-designed fully electric building is targeting BREAAM Outstanding and WELL Core Gold ratings.
It will offer 19,500 sq ft of retail and leisure space, more than 8,000 sq ft of terraces over six floors, a communal rooftop pavilion and terrace, and a kitchen garden.
The building, which is due to complete in Q3 2023, offers a number of smart technologies. It is set to be WiredScore Platinum and has been built to accept a dual-feed power supply. GSK plans to relocate to the site in 2024.
Drew Watkins, RLUKREF portfolio fund manager, said: “The deal represents the culmination of years of work and runs to the heart of the fund strategy where we are developing prime centrally located assets for the long term.”
JLL acted for RLAM and CBRE advised GSK.
To send feedback, e-mail chante.bohitige@eg.co.uk or tweet @bohitige or @EGPropertyNews
Image © Royal London Asset Management/Apt
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