Westfield signs new office tenant in Stratford and says area is emerging as business destination

Westfield has signed another tenant for the first 128,000 sq ft office complex at its Stratford City development in east London I can reveal as it says the 2012 Olympics site is now emerging as a key business destination in the capital.

In what will be seen as further evidence of London’s economic shift eastwards, facilities management firm Spotless International Services is to move its UK headquarters from Uxbridge in west London to Westfield’s One Stratford Place office development.

Spotless has taken 11,000 sq ft on the eighth floor of the building on a new 10-year lease and will join existing occupiers Coral and London Legacy Development Corporation at the scheme. Rents at the scheme are around £35 per sq ft.

Westfield said it is seeing strong interest for both the remaining circa 50,000 sq ft space in One Stratford Place and the adjacent prelet opportunities for close to 1m sq ft more of offices.

The London Legacy Development Corporation took a 10-year lease in March on 21,000 sq ft at One Stratford Place while Coral Bookmaker took 30,793 sq ft of offices at the end of last year.

Team GB has already signed a short-term lease on the eighth floor at the building for the duration of the Games.

The 10-storey One Stratford Place is the first phase of offices to be delivered at Westfield Stratford City.

Post-games, Westfield plans to deliver a further 1m sq ft of offices in three phases.

The building is located at the end of the pedestrian footbridge which leads into the Olympic Park and commands views across the entire Olympic site, the City of London and Canary Wharf. It includes 21,000 sq ft floor plates.

Craig Lovett, UK chief executive and managing director of Spotless International services, said at the lease signing: “The search for a new HQ inevitably focuses on factors such as people comforts, communications and transport links, quality of space and the sort of business community on offer. One Stratford Place scores highly in each of these areas, with Westfield providing the foundations for a new and genuine business district for London.

“Our recent recruitment drive for our significant London Olympic Games involvement has seen us successfully attract over 40% of our total workforce from within the Stratford environs. We look forward to developing close ties with the local community, as well as continuing our business relationship with Westfield group.

“Moving from one side of the capital to the other is clearly not a decision to take lightly, but the quality of the offer in Stratford makes this the best location from which to grow Spotless’ facilities management business in the UK.”

John Burton, director of Westfield Stratford City, said: “With One Stratford Place now letting up to a variety of occupiers, there is real momentum behind the offices and we are seeing first-hand the emergence of Stratford as a business destination.

“Potential occupiers are increasingly aware of the advantages that Stratford holds and we are seeing strong interest for both the remaining space in One Stratford Place and the adjacent pre-let opportunities.”

Westfield Stratford City will form the gateway to the 2012 Olympic Games and already offers over 300 retail brands, anchored by John Lewis and Marks & Spencer, and around 50 places to dine alongside leisure facilities including 1a 4-screen cinema, bowling alley, casino and hotels.

CBRE and Cushman & Wakefield advised Westfield.

 

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About Paul Norman's Olympics blog

News Editor of CoStar News, a commercial property news service. Regular blogger on the London 2012 Olympics and what it means for property and the the regeneration of East London
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