UK Commercial Property REIT, which is managed and advised by Aberdeen Standard Investments. has let the remaining office space at The White Building in Reading - the pioneering multilet exposed services development - to Act-On and Barracuda Networks.
Barracuda Networks has agreed to let circa 13,300 sq ft on a 10-year lease and will occupy the entire second floor. The security, application delivery and data protection solutions company will pay an annual rent of £35.50 per sq ft.
Additionally, Act-On, the firm that specialises in marketing automation software, has agreed to let c. 3,500 sq ft on a new five- year lease at an annual rent of £36 per sq ft. Act-On will occupy part of the space on third floor of the Grade A office building, which comprises a total of c. 93,200 sq ft across eight floors. Following these lettings, the property’s annual rental income will increase to £3.1m. Other occupiers in The White Building, which has a BREAAM ‘excellent’ rating, include Acquia Global Ventures, Roc Search and Work Life Pharma Cosmos.
Located in Reading town centre, The White Building has excellent transport connections and is approximately six minutes’ walk from Reading Station where the Elizabeth Line is due to open, providing a reduced travel time into Central London.
Will Fulton, Lead Manager of UKCM at Aberdeen Standard Investments, said: “When acquiring The White Building, we spotted an opportunity to add a prime asset to our portfolio and capitalise on the strong demand for office space in Reading, a leading technology hub in the south east. Leveraging our asset management capabilities, we have delivered on our strategy and successfully let the remaining space in the building ahead of our appraisal rent, adding high quality income to the business.”
UKCM was advised by Savills, Rare and Lambert Smith Hampton. Act-On was advised by JLL, whilst Barracuda Networks was advised by CBRE. Boultbee Brooks bought the thenvacant and dilapidated Kings House out of receivership in 2014 and in conjunction with CBRE Global Investors redeveloped it to create flexible lease workspace with exposed services that alongside Landid and Brocton’s Thames Tower brought the kind of tech focused space seen in fringe London to the town.
By the time UKCPT bought he eight-storey property reached practical completion after a comprehensive refurbishment in 2017 the 95,903 sq ft was 82% let to nine tenants with a weighted average unexpired lease term of five years to break.