Life Science REIT has let 17,200 sq ft to 42 Technology (42T) at Building 1020 at Cambourne Park Science & Technology Campus in Cambridge.
The product design and innovation consultancy, which delivers specialist technical solutions in the healthcare and life sciences, industrial and consumer sectors, is upsizing from existing premises elsewhere in Cambridge.
42T has signed a 10-year lease, and is paying a rent of £25.50/sq ft, which is ahead of the June 2024 ERV. It is taking vacant office space, which it intends to partially convert to lab space.
Ian Harris, director of asset management at Ironstone Asset Management, Life Science REIT’s investment adviser, said: “Our plans to reposition Cambourne Park as a science and technology destination are now bearing fruit. The addition of innovative businesses like 42T is building a critical mass of life science and technology businesses which is key to attracting new occupiers to the park. We continue to be encouraged by the level of interest we are seeing here and across the wider portfolio.”
Sue Smith, chief financial officer at 42T, added: “This move marks a significant and exciting milestone for 42T as we continue to expand. To achieve our ambitious growth targets across our five focus areas – life sciences, medtech, consumer, energy and industrial – we need a workspace that is both flexible and inspiring.
“Cambourne Park provides best in class facilities in a prime location, enabling our team to thrive and innovate. We look forward to being part of the growing community here and contributing to the success of this dynamic site.”
