Derwent secures 28,500 sq ft letting to Box.com

Derwent London has let the top two floors totalling 28,500 sq ft of the tower at White Collar Factory to Box.com, the cloud content management company.

Box.com has signed a 15-year lease with five-year rent reviews and a break in year 10 at an initial rent of £2.1m a year. This equates to £75/ sq ft, which is above last December’s ERV.

The rent free period is equivalent to 18 months on a 10-year lease, rising to 23 months on a 15-year term.

Following the letting, the tower at White Collar Factory in EC1 is now 92% let and the whole development, which recently completed, is 83% let.

John Burns, chief executive of Derwent London, said: “The addition of Box.com to an already strong line-up of occupiers is a great endorsement of both Derwent London’s product and the Tech Belt area.  Our decision to develop an innovative office campus which ensures occupier flexibility and incorporates industry-leading sustainability features has been fully justified by the excellent response the building has received.”

Colliers International, Cushman & Wakefield and Pilcher Hershman acted for Derwent London and DeVono Cresa acted for Box.com.

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