The rent is based on £24 ($40) per sf. and the tenant will receive a 15-month rent free period, with an option to break at the end of the fifth year. And the developer said terms have been agreed on a further 42,800 sf at Oliver's Yard, leaving 48,600 sf available in the 187,000-sf building.

Derwent Valley Managing Director John Burns said: "Whilst a recovery in the City Borders is likely to lag the West End, this letting is an endorsement that well designed space will attract tenants even in difficult markets.

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