The publishing group Macmillan has signed up to a deal that will see it take a total 82,000 sq ft of office space within the Regent Quarter development in Kings Cross, London.
Henderson Global Investors and Istithmar P&O Estates are jointly behind the project that is under construction and will see a variety of mixed used properties delivered in phases during 2012.
Macmillan is one of the best-known publishing groups in the world and it has a strong presence in the UK and the south-east of England in particular. Its decision to let new offices at Kings Cross forms part of its plan to consolidate some of its workforce in the capital and to relocate certain staff members away from its offices in Oxford and Basingstoke.
As well as a substantial quota of offices, the publisher is to rent a small restaurant and some residential apartments to use for its own purposes, the investment group Henderson explained in a statement. The pre-let deal involving the development on York Way was agreed at a price of £45 per square foot and covers a 15-year period.
“The agreement for lease with Macmillan represents a significant milestone for the project and follows the early success of the residential off plan sales initiative in Asia,” said Peter Neal, a portfolio manager with a central London brief at Henderson.
“We are creating a dynamic home for our publishing divisions in Kings Cross, and we will be able to promote collaboration and ideas sharing across our campus,” said Charles Stafford, head of property at Macmillan. “This scheme will also enable Macmillan to leverage its scale, resources and expertise across its wider group,” he added.
The Kings Cross district of central London is undergoing a good deal of regeneration at present through a number of distinct schemes instigated by a variety of parties. The area is close to Bloomsbury, the historic home of much of the publishing industry activity that goes on in and around central London and the UK.