October 2018 - Costar
Reading’s office market is set for a boost as 116,000 sq ft of lettings involving two significant corporate occupier moves are finalised.
M&G Real Estate and Bell Hammer have signed KPMG for around 45,000 sq ft of offices as debut tenant at No. 2 Forbury Place, the 192,000 sq ft final stage of its giant Forbury Place estate in Reading town centre, CoStar News can reveal.
KPMG is taking a 15-year lease over the top two floors in the largest office letting in Reading since M&G Real Estate let the entirety of 1 Forbury Place to SSE in 2015.
Aaron Pope, Director, Asset Management at M&G Real Estate, said: “The Forbury Place estate has proved on several occasions its ability to attract high quality, global companies. KPMG fits all of these criteria and more, and underlines the strategy to deliver an asset with a premium specification in a well-connected region.
“Its location outside London allows companies to occupy a prime building at a significant discount to space of a similar size and specification to central London. 2 Forbury Place has been created to provide an excellent environment for those who work there, and we have invested into a scheme which will remain sustainable long into the future.”
Andrew Morgan, Senior Partner for KPMG in the Thames Valley, added: “We are extremely excited about the move to 2 Forbury Place. With ambitious growth plans for KPMG in the Thames Valley, getting the right new location and building ahead of the end of our current lease, was of paramount importance. 2 Forbury Place will give our employees an enviable and well connected work environment and we will be ideally located to interact with our major clients in the Thames Valley as well as those from overseas.”
M&G Real Estate was advised by Campbell Gordon and CBRE, and KPMG was represented by CBRE.
M&G Real Estate bought the Forbury Place estate in 2012 and it included the existing 220,000 sq ft No.3 Forbury Place. Occupiers in the building include Osborne Clarke, PWC, Convatec and Yell. No.1 Forbury Place was the first building to complete at the estate, as part of the development, and was let to SSE prior to practical completion and the energy giant’s South East super hub which accommodates 2,000 people.
Separately Royal London Asset Management has now exchanged CoStar News understands to sign Sanofi’s South East headquarters requirement at all of the Four10 scheme on Thames Valley Park in Reading.
Sanofi, advised by CBRE, is relocating from Guildford and is taking 71,000 sq ft at the new development which RLAM refurbished and relaunched last year.
Sanofi follows in the footsteps of Ericcson, which moved from Guildford business park to 37,600 sq ft of offices at Brockton and Landid’s Thames Tower in Reading earlier this year.
CBRE and Campbell Gordon advise Royal London.