Derwent London has announced that Edelman, the global communications firm, has exchanged contracts to pre-let the whole of Francis House SW1 in Victoria. The development is currently undergoing a comprehensive refurbishment, due to complete in H1 2022.
Edelman has agreed to lease the entire c.38,200 sq ft at an average rent ahead of the June 2021 estimated rental value. The lease runs for 15 years with a tenant break option at year 10. The refurbishment is reinvigorating the building, providing generous open spaces, as well as improving the property’s energy performance, for example through introducing an all electric heating system. As a result, it is expected that the building’s EPC rating will rise from ‘C’ to ‘B’, making it compliant with both 2023 and the potential 2030 legislation. This follows the successful letting of 32,400 sq ft to Fora at the refurbished 6-8 Greencoat Place SW1 in July this year, which together with the neighbouring Greencoat & Gordon House forms an important 224,000 sq ft cluster for the Group.
Paul Williams, Chief Executive of Derwent London, said: “We are delighted that Edelman has chosen to pre-let Francis House, joining the long list of leading businesses within our portfolio. In the last five months we have fully let or pre-let c.70,000 sq ft at our two retrofitting projects in Victoria, substantially improving this unique cluster of refurbished Victorian warehouses. These lettings reflect the strong occupier demand for well-designed long-life, loose-fit and low energy buildings.”
Justin Westcott, Chief Operating Officer, Edelman UK & Ireland, said: “After a long search, we are very pleased to have found Edelman in London the perfect home for the next decade. For us, an office has got to have a pull factor and be somewhere our people want to spend time. Francis House does just that and reflects how we want to work in the future – a hub for collaboration, creativity and connecting with each other and our clients. We are looking forward to moving in at the end of next year.”