160,000 Sq Ft Google deal secures full office occupancy For Legal & General and MECâ€™s Central Saint Giles.
18 May 2011
Google UK Ltd has completed a deal to take 160,000 sq ft at Legal & General Property and Mitsubishi Estate Company’s Central Saint Giles Development in the heart of London’s West End.
The vibrantly coloured Central Saint Giles, designed by Renzo Piano, is an exemplar of excellence in office-led, mixed-use development consisting of 400,000 sq ft of Grade A office space, 56 private apartments, 53 affordable homes and nine new restaurants and café bars arranged around a new courtyard piazza. This latest deal which is the biggest in central London so far this year means that the entirety of the office element of the scheme is now let just one year after it was launched.
Google UK is taking office space on the entire fourth, fifth, and ninth floors and part of the third and sixth floors at the building on a ten year lease. Rental details were not disclosed. Some Google UK teams will move to this new space, while others will remain in their existing office space in two buildings on Buckingham Palace Road, Victoria.
Matt Brittin, MD of Google UK, said: "This is a fabulous building and we'll be working hard over the next few months to fit it out in Google style, ready for some of our teams to move later in the year. As well as its size and green credentials, it has the advantage of being even closer to some of our major customers and partners. This is all part of our continued investment in our UK operations, and we're hiring rapidly across all our teams."
Simon Wilkes, Head of Development at Legal & General Property said: “We are delighted to announce that the entire office element of Central Saint Giles is now let. Given the difficult economic circumstances for UK plc, this can only be taken as a tremendous endorsement of our scheme and clear recognition of its attractions as a great place to work.”
MEC’s new UK managing director, Hiroyuki Arimura said: “Paul Finch as chairman of CABE described Central Saint Giles as ‘one of London’s great commercial buildings, setting the standards by which office architecture should be judged’. To now be fully let and to have landed such a strong array of creative and innovative, world leading companies as tenants is a powerful vindication of his judgement.”
Wilkes added: “This is a landmark moment for us and we would like to thank all those involved who have worked on this fantastic scheme. To have so successfully let the building in 12 months is a fitting tribute to all their efforts.”
Cushman & Wakefield and Jones Lang LaSalle advise Central Saint Giles and CBRE acted for Google UK.
Notes to editors
For more information please contact:
Robert Gibson at MJ2 on 0207 259 0503 / 07748 182234
Legal & General Property:
Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM) and one of the largest institutional property fund managers in the UK. LGIM had funds under management of over £356bn as at 31 March 2011, whilst LGP manages or co-manages 16 separate funds or vehicles and 2 segregated mandates, with an aggregate asset value of over £9.8bn as at 31 December 2010. These funds include:
Specialist Pooled Funds
The Leisure Fund Limited Partnership; Industrial Property Investment Fund; UK Logistics Fund; Arlington Business Parks Partnership; and the English Cities Fund
Single Asset Vehicles
Bracknell Regeneration Partnership; Central Saint Giles Partnership; Performance Retail Limited Partnership and Warrington Retail Limited Partnership
Life Fund; Linked Pensions; Linked Life; Managed Fund; Property Unit Trust, UK Property Income Fund; and LPI Income Property Fund.
LGP’s UK-focused fund management platform has built and retained a strong track record of out-performance across the sector. Owing to its size, diversity and penetration, it benefits from best in class banking and property industry contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities. Taking a client-centric approach, the business places the highest priority upon integrity and transparency. Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability.
LGP’s sector specialism’s cross all facets of the real estate market. In particular, the Company has a major development platform, responsible for delivering the West End office market’s latest landmark, Central Saint Giles, and currently involved in developing two further high profile London schemes, Walbrook Square and Agar Street, as well as significant town-centre retail regeneration projects, including Bracknell, Northampton and Eastbourne.
For more information please contact:
PR Manager Investments
t: +44 (0) 2031 242096
About Legal & General
Legal & General Property Limited.
One Coleman Street
London EC2R 5AA.
Registered in England 2091897.