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Singapore’s Mapletree signs flurry of lettings at Reading’s Green Park

August 2019 - Costar

Singapore’s Mapletree signs flurry of lettings at Reading’s Green Park

Mapletree has signed four new tenants and secured more space for three long-term tenants at 1.6m sq ft campus.

Singapore’s Mapletree Investments has secured what it says is an “all-time high occupancy” at its giant Green Park business park in Reading, after securing a flurry of lettings, CoStar News can reveal.

Mapletree has taken the park to 95.5% occupancy after securing a series of tenants for a total of 38,000 sq ft.

It has signed four new lettings totalling 25,000 sq ft, as well as three current occupiers who have expanded, taking an additional space of 13,000 sq ft.

Mapletree said there are currently further deals in the pipeline, “which are driven by growth of existing occupiers”.

Rory Carson, Mapletree’s Vice President of Asset Management in the UK, said in a statement: “The high level of deal activity we’ve seen over the past two quarters is a testament to the enduring design of our buildings, together with our strong occupier-centric approach which places community and wellbeing at the heart of all that we do at Green Park.”

Carson continued: “We are delighted that our current occupiers are choosing to remain and expand on Green Park and that the clustering trend of the Life Science sector, as well as the Technology, Media and Telecom (TMT) industries continue to strengthen. This continued demand for space at Green Park has underpinned our decision to move forward with the speculative development at 400 & 450 Longwater Avenue. These two new buildings will provide, approximately, a further 230,000 sq ft of grade A offices.”

Zoe Teychenne, Senior Director of Human Resources at Premier Research, due to move to Green Park this autumn, said, “Our employees are excited to move to the new offices in Green Park this Autumn. The new facilities are modern and built with the idea of continuous collaboration. The amenities far exceed our expectations and align with our wellness initiatives (walking trails, gym, healthy foods). This is a work environment that will help us attract top talent into the organisation.”

The new lettings deals are:

  • Premier Research, a contract research organisation for biotech and speciality pharma companies, has taken 12,000 sq ft of office space on the second floor at 250 South Oak Way .
  • Zscaler UK Ltd, a cloud-based security group, has taken 5,500 sq ft of offices on the ground floor at 250 Longwater Avenue .
  • Make UK, the representative body for UK manufacturing, has taken 2,000 sq ft at 100 Longwater Avenue .

Existing occupiers that have expanded are:

  • An unnamed US technology company has taken a further 7,100 sq ft, increasing its total occupancy by 71% to 16,400 sq ft.
  • LivePerson UK a global technology company, has added 5,400 sq ft of at 250 South Oak Way, bringing the total occupied space to 12,600 sq ft. This translates into a 70% increase.
  • Vocera, a leader in clinical communication and workflow solutions, has increased occupancy by 55% to 1,400 sq ft.

Singaporean REIT Mapletree completed its 100% acquisition of Green Park from Oxford Properties for around £563m in May 2016.

Cushman & Wakefield and Campbell Gordon are agents acting for Mapletree’s Green Park.