British Land has announced that it will redevelop 1 Triton Square, Regent's Place and has finalised terms on a pre-let of the office space covering 310,000 ft² with Dentsu Aegis Network, the global brand, media and digital communications specialists, for a 20-year term. Dentsu Aegis currently occupies 118,000 ft² at 10 Triton Street and their decision to remain at Regent's Place together with this significant, high-quality development is another strategic step in achieving British Land's campus vision for Regent's Place.
The 366,000 ft² redevelopment increases the lettable area by 127,000 ft² and includes 20,000 ft² of retail and leisure at ground floor and 10,000 ft² of the affordable workspace. Designed by architects Arup Associates, the eight-storey building will offer modern, flexible workspace around a large central atrium providing linkage between floors and creating a vibrant social hub. The redevelopment will also deliver four large roof terraces and incorporate sustainable and smart technologies to support mobility and collaboration across the group.
Planning Consent has been granted by the London Borough of Camden and work is expected to start on site in March 2018. British Land's €218.7m (£196m) commitment to the redevelopment is in line with the company's focus on campuses, ensuring they respond to changing needs, enhance the experience for the people who use them and appeal to a broader range of occupiers. Development exposure is also being sensibly managed with 57% of the company's committed pipeline now pre-let or under offer.
Tim Roberts, Head of Offices at British Land, said: "I am delighted that we have agreed one of the largest pre-lets in the West End in over 20 years with Dentsu Aegis demonstrating the strength of demand for high quality, well-located space. This enables us to commit to our redevelopment at 1 Triton Square, which marks the next phase in the evolution of Regent's Place. This is a great example of our campus approach in action. We are focused on creating vibrant and engaging environments across our portfolio by increasing the mix of uses and curating the public realm as well as delivering great buildings. Dentsu Aegis's decision to commit to 1 Triton Square and Regent's Place reflects the success of that approach."
Nick Priday, Chief Financial Officer, Dentsu Aegis Network, said: "Our new global headquarters at Regent's Place will position us at the heart of some of the biggest global digital businesses in London. Dentsu Aegis is growing both globally and in the UK and we currently operate out of a number of locations across London. This strategic move will enable us to operate more efficiently as a global business, and create long-term certainty over our property portfolio. One Triton Square will be an environment where our business will thrive, bringing our people and brands together to make collaboration even easier and reduce complexity for the benefit of our clients and our people."
