View Flexible Office Space Solutions in the West End
Derwent bought the long-term leasehold interests related to numbers 25 to 27 and 29 to 33 along Berners Street in the Fitzrovia district of the West End. The fee of £35 million was paid to MCPS-PRS Alliance Limited, also known as PRS for Music.
The price tag equates to £440 per square foot of space, with the two addresses collectively accommodating 79,500 sq ft. The high price reflects that London’s West End is the most expensive place in Europe to rent high-quality office space.
PRS for Music, the former owner of the leasehold rights associated with the two Berners Street properties, was and will remain their primary occupier. The Copyright Collection Society and the Performance Rights Association have agreed to rent space at both buildings for at least three years for £1.4 million per annum.
Derwent London intends to refurbish the two properties “upon the tenants vacating” to create its “hallmark design-led, contemporary space”.
“These acquisitions represent excellent additions to our substantial Fitzrovia and North of Oxford Street estates, where our ownership extends to 1.6 million sq ft,” said John Burns, chief executive of Derwent London. “The properties offer regeneration and redevelopment opportunities in the longer term,” he said.
Derwent primarily redevelops existing office space in London’s central areas. One of its recent deals saw it agree to rent 47,700 sq ft of offices on Pentonville Road in North London to Ticketmaster UK.
Editor’s notes: The Berners Street redevelopment of the building known as The Copyright Building was completed in 2017 and earned the team awards, including BD Office Architect of the Year 2018
In February 2016, Derwent announced the pre-letting of the entire office space element of The Copyright Building, 30 Berners Street, to Capita Business Services Limited, trading as Capita.
In August 2024, Capita was still in occupation.
In 2022, Derwent posted revenues of £248.8 million and secured commercial property lettings worth £9.8 million on 163,000 square feet.
In 2023, Derwent secured lettings to the value of £28.4 million across its portfolio.
In December 2024, it was announced that Derwent had acquired the remaining 50 per cent stake in its proposed 50 Baker Street scheme in Marylebone in the West End from Lazari Investments, its joint venture partner, for £44.4 million.
The property is adjacent to its 25 Baker Street scheme, which was officially announced in January 2025, as fully pre-let to five tenants.
In February 2025, Derwent reported strong leasing performance in 2024, with new leases signed 12 per cent above estimated rental value (ERV), and activity well distributed across its portfolio. It stated that rental values saw significant growth, increasing by 4.3 per cent, the highest since 2016, resulting in a total return of 3.2 per cent.
In August 2025, it was announced that Derwent London had successfully agreed a new 125-year headlease (from scheme completion) for its 50 Baker Street W1 development in the West End with the freeholder, The Portman Estate.
Derwent was granted planning consent in August 2024 for its best-in-class 236,000-square-foot project in Marylebone.
In March 2026, it was reported that Derwent London had pre-let all 136,300 square feet of offices at its Network scheme to data and AI company Databricks on a 15-year lease with a break option at year 10 at an initial annual rent of £14.1 million.
Network is located at 10 Howland Street in Fitzrovia W1, and at the time of reporting, the scheme had achieved a Platinum SmartScore certification and was targeting BREEAM ‘Outstanding’, LEED Gold, EPC ‘A’ and NABERS 4.5 Star ratings on completion.
The scheme incorporates communal and private terraces and flexible office floor plates with openable windows plus 259 cycle spaces, 27 showers, 180 lockers and a dedicated drying room.
In the same month, Landsec reported that its MYO flex space brand had attracted a roster of over 10 AI and technology occupiers at its King’s Cross property.
In May 2026, Derwent London announced a strong first quarter of 2026 and reported securing £25.3 million in new leases and renewals and exchanging on £278 million in property disposals as part of a strategic three-year £1 billion recycling target.
Office lettings were completed at an average of 5.2 per cent above December 2025 estimated rental values (ERV) and included the aforementioned Databricks pre-let deal.
Its 298,000-square-foot 25 Baker Street scheme had achieved full pre-letting before its completion in August 2025.
Disposals included Horseferry House SW1 for £131.8 million, with completion due in June; 90 Whitfield Street W1 for £110.5 million, due to complete in August; and 80-85 Tottenham Court Road W1 for £32.6 million, due to complete in June
The activity demonstrated the office landlord’s strategy to concentrate its portfolio on prime West End office buildings.
At the time of announcement, Derwent London confirmed it had committed to the redevelopment of 50 Baker Street W1. Demolition was expected to start over the summer, with completion of the 236,000-square-foot project anticipated in the second half of 2029.