Arup has signed an agreement which will enable the firm to move from a majority rental to a majority ownership model for its London office space.
Today, the firm announced an agreement to pre-let nearly half of Derwent London’s 80 Charlotte Street W1, on completion of the development in the second half of 2019. 80 Charlotte Street W1 is Derwent London’s largest current development totalling 380,000 sq ft of mixed office, residential and retail use. Arup will take 41% of the main building.
Alongside this agreement, Arup will be making a number of changes to its existing London office buildings: the firm has signed an agreement with Workspace Group PLC giving them the option to acquire the freehold of 13 Fitzroy Street, a building which Arup currently owns. Arup has also agreed to an option to acquire 8 Fitzroy Street, a building which the firm currently rents, with completion expected in June 2017.