LONDON-Local retailer Debenhams has agreed to pre-lease 145,000 square feet for a new headquarters at 10 Brock St. in the 2.2-million-square-foot Regent’s Place project owned by British Land. The building is being developed as part of the developer’s 500,000-square-foot mixed-use portion of the northeast section of Regents.
The building will include 340,000 square feet of office, 40,000 square feet of retail and 120,000 square feet of multifamily. About 70% of the apartments have been pre-leased, according to a British Land statement. The new complex should be complete by the summer of 2013, with Debenhams occupying the first four floors for a 25-year lease. The retailer, now located at One Welback St., has 153 stores across the United Kingdom and Ireland, and 65 stores outside these two regions.
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Tim Roberts, head of office at British Land, said in the statement that the new lease secures long-term income on the lower floors, “leaving the opportunity to attract premium rents on the higher floors closer to the building’s completion date.”
Other tenants at the Regent’s project include Aegis Group, Gazprom, Lend Lease, Ricoh and Dimensional Fund Advisors. The new building will complete the project, Roberts said.
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