(This story was updated on 17 April to include quotes from those involved in the transaction.)
Tritax Property Income Fund and Marick Real Estate have signed Keyence, the Japanese technology manufacturer, for offices at Stockley Park in Uxbridge, in the largest letting in the Thames Valley market this year.
Keyence has signed to take a floor of 24,350 square feet at the redeveloped Union Building at 1 Furzeground Way at the west London park. The group is moving to take the second floor from its home at the nearby Heathrow House.
Tritax and development manager Marick gained consent in 2020 for a 75,000-square-foot redevelopment to include a repositioned entrance, triple-height atrium with new "collaboration space", new showers, changing and cycle store facilities and an external terrace overlooking the adjoining lake.
Designed by TP Bennett, the development focused on sustainability, wellbeing and connectivity, targeting a Very Good BREEAM rating and Wired Score Gold.
It is the first office redevelopment project undertaken by Tritax Property Income Fund.
Tritax Property Income Fund bought the then Lakeside House from Columbia Threadneedle for £26.5 million in 2017. The building was let to Regus (Heathrow Stockley Park). The 25,000-square-foot ground floor is now leased to Heidelberg.
Tom Alcock, Assistant Fund Manager at Tritax, said in a statement: “We are delighted that Keyence have chosen Union as their new HQ, taking the scheme to circa 65% occupied . Their choice to move to our product over the competition has validated our decision to go the extra mile on our design in terms of communal facilities and the quality of the office space delivered.”
Jack Riley, Partner, Greater London and South East Offices at Knight Frank, added: “The Keyence transaction is one of the largest lettings in the South East so far this year and demonstrates the continued demand for modern workspaces with good connectivity and a comprehensive range of amenities. Investors who go the extra mile on design and quality, putting sustainability at the heart of development, are those profiting from occupiers flight to quality at their lease events. We hope to report further good news at Union shortly with just the final floor remaining.”
Knight Frank and Cushman & Wakefield advised Tritax and Marick.