Tishman Speyer signs pharma group for Paddington office

Ipsen Biopharm has become the latest occupier to move into the the Point in Paddington, W2, taking the occupancy levels in the building to 98%. The pharmaceutical company has secured 18,000 sq ft of workspace on a 10-year lease at £86 per sq ft. The most recent market data suggests an average prime rents for offices in London’s West End stood at £140 per sq ft, while prime headline quoting rents for lab-enabled space are at £130 per sq ft. The Point is owned and operated by Tishman Speyer, which has recently enhanced the property’s environmental credentials by replacing its old gas boilers with electric heat pumps, securing an EPC B rating for the building. There is now 4,900 sq ft of space available at the Point. Other occupiers include IQVIA, PA Media, Addison Lee, Dun & Bradstreet and FirstGroup. Image from Tishman Speyer