Slaughter and May is advising Derwent London on the letting of 25 Baker Street W1
Slaughter and May is advising Derwent London on the letting of 25 Baker Street W1 to PIMCO, the global investment management company. PIMCO has agreed to take a 15-year lease of 106,100 sq ft on levels five to nine for an annual rent of £11 million, with an option to take a further 24,700 sq ft on level 4. The 298,000 sq ft office, retail, residential and affordable housing development is expected to complete in the first half of 2025.
The project's strong sustainability credentials played an important role in PIMCO's decision. 25 Baker Street W1 is a net zero carbon building, with a target of BREEAM Outstanding and is Derwent London’s first NABERS-rated building. We previously advised Derwent London on the re-gear of its interests in the site and continue to advise on the redevelopment project and pre-letting of the rest of the scheme.
Paul Williams, Chief Executive of Derwent London, said:
"Over the last few months, there has been a marked increase in confidence and occupier engagement with a busy start to the year. We have agreed £14.7m of new rent from high quality occupiers, which includes a substantial de-risking of 25 Baker Street two years ahead of completion. These lettings demonstrate the importance of well-designed space with strong amenity, environmental credentials and connectivity. There is good further occupier interest across our portfolio."