Life Science REIT has signed WAE Technologies for Building 5 at Oxford Technology Park.
The technology and engineering services provider will take the entire 57,000 sq ft building at the REIT’s OTP development, which reached practical completion this week.
WAE Technologies will pay an annual rent of £1.15m equating to £20.10 per sq ft for a 10-year term, with a break clause at year five on half the space and a rent review at the end of the fifth year. The space has been fitted out as offices and R&D space by the occupier.
WAE is part of the Australian listed Fortescue, which also invests in spin-outs from Oxford and Cambridge universities, such as molecular mass measurement company Refeyn and 3D whole-cell imaging company Zomp.
Ian Harris, director of asset management at Ironstone, the REIT’s investment adviser, said: “OTP’s combination of flexible, affordable, and best-in-class space as well as its proximity to leading global life sciences institutions is compelling for a wide range of occupiers. WAE will be the largest occupier at OTP and its presence is a major step forward in delivering a vibrant and collaborative community at OTP.”
OTP was acquired by Life Science REIT in May 2022 for £120m. It now comprises six completed buildings totalling 230,500 sq ft, along with a further 266,100 sq ft of development space.
Existing occupiers at the park include the Native Antigen Company, a developer and manufacturer of antigens and antibodies, Oxford Gene Technology, a provider of clinical research and diagnostic solutions, and Oxford Ionics, a quantum computing business.
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