Rackspace and Pipex are poised to sign letting deals at Heathrow’s Stockley Park totalling 105,000 sq ft (9754 sq m).
The deals represent some of the first major letting activity in the Thames Valley this year outside Reading.
Network management specialist Rackspace is to end its six month search for expansion space by subleasing up to 60,000 sq ft (5,574 sq m) of Cisco space at bp Ropemaker’s No 4 The Square. The deal entered solicitor’s hands this week.
Rackspace will lease 20,000 sq ft (1,858 sq m) initially with an option to take the remaining space as it expands. It already leases 25,000 sq ft (2,322 sq m) at the business park’s No 2 Long Walk. It is expected to pay the passing rent of just below £30/sq ft (£322.92/sq m) on a lease due to expire in 2014.
Broadband group Pipex is due to complete a 45,000 sq ft (4,180 sq m) letting at Stockley’s USS’s 5 Round Wood Avenue. Pipex will take space previously occupied by information company EMC and mobile operator TeliaSonera, both of which surrendered their leases. Pipex will sign a 10 year lease. The quoting rent at the building is £27.50/ sq ft (£296.01/ sq m). Jones Lang Lasalle and Savills are advising USS.