April 2021 - Costar
Mobile Network Giant’s Letting is Largest in Thames Valley Since Virgin’s Lease in 2018.
Mobile network operator Three UK has completed its deal for a 119,000-sq-ft headquarters building at Singaporean investor Mapletree’s Green Park in Reading in a move first revealed by CoStar News.
Three UK signed for 450 Longwater Avenue, Green Park, late Wednesday, marking the largest lettings deal in the Thames Valley since Virgin signed a 123,000 sq ft lettings deal at Green Park in 2018.
The 119,000-sq-ft 400 Longwater Avenue remains available. In fact the three largest lettings deal in the Thames Valley over the last five years have been at Green Park – Thales taking 111,000 sq ft in January 2016, Virgin signing for 123,000 sq ft in December 2018, and now Three UK taking 119,000 sq ft.
CoStar News reported at the end of last year that Three had “urgently” rebooted its requirement. The group, which is being advised by Alder King, had shortlisted four options for the requirement earlier in 2020 before shelving that while it reconsidered options during the pandemic.
Three previously announced it intends to combine both its Thames Valley offices into a single, central location for the first time, which is to be based in Reading.
Three currently occupies 120,000 sq ft at Star House on Grenfell Road in Maidenhead with around one-year left on its lease with landlord Legal & General and confirmed in November it would be leaving what has been its home for 17 years. It also occupies 90,000 sq ft in Reading, at the former Hutchison 3G office in Great Brighams Mead on a lease that expires soon.
Three’s previously shortlisted options are Aberdeen Standard Investment’s Kings Chase site in Maidenhead, where the landlord has received consent for a major redevelopment; M&G Real Estate’s Forbury Place estate in Reading; and Royal London Asset Management and XLB’s Statesman House office and development site in Maidenhead.
Cushman & Wakefield and Campbell Gordon acted for Mapletree. Alder King acted for Three.