Life Science REIT has agreed a lease regear on 68,600 sq ft at its Herbrand Street office building in the heart of London’s Knowledge Quarter with fintech business Thought Machine Group.
The company has signed a seven-year lease to occupy the entire Grade II listed building, which was acquired by Life Science REIT in May 2022.
The lease, which has been agreed at a headline rent of £75/sq ft, in line with the June 2025 ERV, is subject to an upward-only review after the fourth year and includes a 16.5 month rent-free period.
Simon Farnsworth, managing director at Ironstone Asset Management, Life Science REIT’s investment adviser, said: “Thought Machine’s decision to extend their commitment at Herbrand Street is a testament to the distinctive nature of the building as well as its prime location in London’s Knowledge Quarter.”
Matt Wilkins, chief people officer at Thought Machine, added: “We are delighted to agree a new lease at Herbrand Street with the support of Life Science REIT. This iconic London HQ gives our team the optimal environment to continue developing market-leading banking technology as we maintain our strong upwards growth trajectory.”
