Nestle has signed a deal to move out of its headquarters in Croydon to Legal & General’s 1 City Place in Crawley.
In a deal thought to have signed shortly before Christmas, Legal & General bought 1 City Place from RREEF, subsequently surrendered BT’s lease on the building and signed a deal with Nestle at rents thought to be around £20/sq ft.
The company, which has been located in the borough since 1965, said in 2010 that it had become “increasingly clear that our current offices and the deteriorating environment around them do not provide a suitable base for our business”.
It opened discussions with landlords in Croydon in the wake of drastic measures by the borough council to keep it in the town.
The council appointed GVA Grimley to find it space and the Kit-Kat manufacturer was thought to be in discussions to occupy several schemes, including Stanhope and Schroders Ruskin Square, a nine-acre site next to East Croydon station which has been vacant for 40 years.
Legal & General acquired 1 City Place on behalf of its UK Property Income Fund.
Nestle is advised by CBRE.
All parties declined to comment.
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