Derwent London completes 'significant lease extension and expansion'
Property investment and development firm revealed on Wednesday that it has completed "a significant lease extension and expansion" at its White Collar Factory property in East London.
Derwent London said that due to its "evolving workforce requirements", long-standing occupier Adobe had expanded its footprint at the East London site by 25% to 67,000 square feet.
Additionally, Adobe also reaffirmed its long-term commitment to the building, extending its occupation to 2038, with a break in 2033.
Derwent London highlighted that overall rent had also increased to £4.5m, with the new rent agreed ahead of December 2024's enterprise rental value.
Chief executive Paul Williams said: "We are delighted that Adobe - a global leader in creativity and innovation - has chosen to extend and expand its occupancy with us. Their ongoing commitment reflects the strength of our partnership and our ability to provide flexible, design-led space which is adaptable to changing occupier needs.
"With companies continuing to increase their office footprint, this deal further highlights the quality of our portfolio as well as the buoyancy of London's office market and its position as the HQ capital of Europe."
Reporting by Iain Gilbert at Sharecast.com
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