Development Securities has confirmed that it is in exclusive talks to let 50,000 sq ft to AstraZeneca at its Two Kingdom Street development in PaddingtonCentral.

The building is being developed with funding from Aviva Investors and Quinlan Private and is due for completion in early 2010.

AstraZeneca was under offer to take more than 60,000 sq ft at British Land’s Broadgate Tower in the City of London but pulled out of the deal to move to Paddington instead just over a week ago.

It is thought that the rent offered on the scheme in the City was between £40/sq ft and £45/sq ft. Rents at One Kingdom Street, the neighbouring building to Two Kingdom Street in Paddington, are £49.50/sq ft.

The pharmaceutical firm is currently based at 15 Stanhope Gate in Mayfair on a lease that expires in 2010.

CB Richard Ellis advises Astra Zeneca. Jones Lang Lasalle and Knight Frank are the letting agents at Broadgate Tower. Savills and CBRE are letting agents at Two Kingdom Street.