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.