The property involved in the agreement is the office building at 1 Stephen Street in W1, west of central London, which is currently being extensively refurbished. Derwent bosses welcomed the deal and said it reflected the quality of offices that will be offered at the site.
For its part, BrandOpus has made clear its intention to vacate the 5,000 square feet of Derwent offices it currently occupies elsewhere in West London when it moves to the Stephen Street development.
The overarching plan for buildings at 1 and 2 Stephen Street, which was until recently referred to as Central Cross, is for Derwent to carry out a considerable redevelopment effort in two distinct phases. BrandOpus will begin occupying its 15,400 square feet of offices once the first phase is complete. The project is scheduled to deliver 44,000 square feet of redeveloped space upon completion.
Celine Thompson, head of leasing at Derwent London, said: “We are delighted that BrandOpus has chosen to triple its floorspace presence in our portfolio.
“The initial refurbishment is an important and exciting step in the wider regeneration of 1-2 Stephen Street and the rental level achieved with BrandOpus underlines the reversionary nature of this 256,000 square feet property.”
Derwent invests extensively in property in and around central London, with one of its main focus areas currently being a planned development project centred on 1 Oxford Street. In collaboration with Crossrail Limited, the company has submitted planning applications for a proposed 275,000-square-foot mixed-use scheme in the heart of London’s West End market.
Editor’s notes: The completed scheme, branded 1-2 Stephen Street W1, was delivered between 2013 and 2016.
Other successful lettings deals were made at the property, including with flexible workspace provider group The Office Group, which subsequently rebranded as Fora and delivers a range of high-end, design-led flexible office space and workspace solutions, such as private offices, coworking spaces, and on-demand meeting rooms.
As of July 2024, BrandOpus no longer occupied the property and had moved to Chapel Place in Shoreditch.
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.
In May 2026, Derwent announced a strong first quarter of 2026, reporting £25.3 million in new leases and renewals and £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).
In August 2026, Derwent reported a loss before tax of £17.9 million for the six months ended June 30, 2026 (compared to a profit of £94.0 million in H1 2025), impacted by yield shifts and provisions.
Gross rental income for H1 2026 had been £106.9 million. At the time of the announcement, there was a further £5.3 million of rent under offer.
As of October 2026, BrandOpus’s London offices remained at Chapel Place in Shoreditch.