Allsop, acting on behalf of development manager LBS Properties, has succeeded in securing a letting of a five-storey office building on Gray’s Inn Road in Clerkenwell, London, to Tetra Tech, a leading global consulting and engineering firm. Tetra Tech is listed on NASDAQ with a market cap in excess of USD 4bn.
Tetra Tech, represented by Ashwell London, will occupy a total of 6,600 sq ft at 107 Gray’s Inn Road across the ground, first and second floors, on a 10-year lease at £58 psf. This leaves a remaining 3,921 sq ft available across the third and fourth floors.
LBS Properties, acting as the property advisor on behalf of the Guernsey-based LBS Real Estate Investment fund, oversaw the comprehensive refurbishment of the building with Oktra appointed as architect and contractor. 107 Gray’s Inn Road provides a total of 10,521 sq ft of office space over five floors as well as facilities which include lockers, cycle parking, showers and a rear courtyard. It’s well positioned to benefit from numerous transport links including King’s Cross, Farringdon, Russell Square, Chancery Lane and Holborn tube stations and can take advantage from the lifestyle amenities on offer at Kings Cross.
James Neville, Partner, Allsop, said: “The letting at 107 Gray’s Inn Road is a really encouraging sign of positive movement in the market. We received a healthy amount of interest in the building despite lockdown. The location is certainly one of the strongest selling points for the property, with the occupiers benefiting from the upcoming Farringdon Cross Rail which is only a few minutes’ walk away as well as transport links and amenities on offer at King’s Cross. This, combined with the high spec fit out, makes an appealing option for tenants”.
Nick Crawford, Managing Director, LBS Properties, said: “With early leasing success, we are really pleased with the outcome at 107 Gray’s Inn Road. The mid-town location presents a fantastic proposition for tenants with excellent amenities and connectivity. The design concept of the building was to showcase the bones of the building yet reflect the local surroundings, with a combination of exposed ceilings, striking light fixtures and modern finishes. We are very proud of the outcome and look forward to welcoming Tetra Tech to the building.”
Allsop acted on behalf of Gray’s Inn Limited and LBS Properties.
Ashwell London acted on behalf of Tetra Tech.