Tristan Capital Partners and Alchemy Asset Management have signed three occupiers including US computer software group Adobe at their Campus development in Reading, one of the South East's key out-of-town office repositioning projects.
Adobe, advised by Colliers, is relocating from 34-38 Market Street in Maidenhead. The group will move in later this year and has committed to the part-third-floor totalling 16,000 square feet on a 10-year lease.
Managed IT service provider, BCN, and Stonewater Homes have agreed a five-year lease on fully fitted suites, known as Campus+. Those leases total around 5,000 square feet.
Campus, Reading International is a 375,000-square-foot office building on Junction 11 of the M4,. It is BREEAM Excellent and WELL Platinum, rated, and includes a 270-seat restaurant and a gym and fitness facility. A major PV solar project is also under construction to generate approximately 12% of the property’s electricity needs on site.
Adobe, BCN and Stonewater Homes will be joining other tenants including Verizon, Investec, AspenTech, Mavenir and Volume AI.
Guy Bishop, director, Alchemy Asset Management, said in a statement: “These recent lettings show that occupiers require best-in-class buildings with the very best amenity offering, strong ESG credentials and a building which provides a rich community for their employees. We anticipate more tenants this year to provide a home for up to 2,500 employees in a prime location immediately on Junction 11 of the M4.”
Stuart Chambers, director, Greater London and South East office agency, Savills, leasing agent alongside Bray Fox Smith, added: “The lettings [...] proves that in a challenging letting market, buildings such as Campus provide exactly what forward looking occupiers need.”
The campus, known for most of its history as Reading International Business Park, was bought in December 2020 by EPISO 5, a fund advised by Tristan Capital Partners, for around £120 million. ICG completed an £86.8 million senior loan to Tristan Capital Partners secured by the park at the beginning of 2021, all major commitments to South East offices in the midst of the pandemic.
Around 180,000 square feet has been available to lease in a variety of configurations that Alchemy and Tristan say have been repurposed and built to suit the space needs of the modern occupiers that are emerging from the pandemic. Tenants in the remaining space include Verizon, Investec and Accenture.
For a CoStar News review of the redevelopment of the Thames Valley landmark click here.
Bray Fox Smith and Savills advise on leasing at the campus. Colliers advised Adobe.