Tui, the German multinational leisure, travel and tourism giant, has signed for an 81,000-square-foot office relocation at Luton's Capability Green in one of the largest new leases in the South East and East of England this year.
Tui has agreed a new 15-year lease on 81,000 square feet at 500 Capability Green, relocating from the circa 60,000 square feet it has occupied at Eaton House since 2018. The letting is the largest in Luton for several years.
Tui is thought to be paying around £30 per square feet for the space at a building that will be fully refurbished by landlord MCR Property Group.
Office take up across the South East and Greater London markets increased 2.5% year-on-year in the third quarter, reports Knight Frank, with the Tui letting the largest to complete.
KF says occupiers leased 866,000 square feet during the third quarter, compared to 849,000 square feet for the same period in 2023, with 86% of this being for workspaces in new or refurbished, grade A buildings.
Tui was represented by Hanover Green while Savills and BrayFoxSmith acted for MCR.