Second tenant secured for Reading’s largest office building
A second tenant has been secured for Reading’s largest ever office building, One Reading Central, marking the town centre’s largest office deal of 2010.
International software business, Pegasystems, will occupy 22,590 sq ft on the third floor of One Reading Central, joining international directories business, Yell, which moved to the building in 2010. A rent of £30 per sq ft has been agreed on a ten year lease.
Pegasystems, represented by the Reading office of Lambert Smith Hampton (LSH), is the market leader in business process management (BPM) and a leading provider of customer relationship management (CRM) solutions. It is expanding with its existing base at Apex Plaza in the town centre, and its recent acquisition of Chordiant is one reason behind this expansion. The company will occupy One Reading Central by April 2011.
Dan Ryan, Vice President Real Estate and Facilities at Pegasystems, commented: “We wanted our new office to improve staff collaboration and to create a high quality environment for our staff and clients. We considered a number of options in the Thames Valley market and One Reading Central offered us good design flexibility due to its large floor plates.”
Kier Property and Invista Real Estate Investment Management, represented by LSH, DTZ and Hanover Green, are behind the 218,800 sq ft, ten storey building on Forbury Road in Reading town centre. Gillian Scarth, Senior Development Manager at Kier, added: “Throughout all stages of its development, One Reading Central has acknowledged the top requirements for corporate occupiers – proximity to a mainline rail station and large floor plates both being high on this list. With the building having completed less than a year ago, the arrival of a second blue chip tenant is positive news for the town, and the wider Thames Valley office market. Only two floors remain available, totalling 41,560 sq ft on the first and second floors.”
Chris Reeve, Director at LSH, added: “Within Pegasystems’ international operations, One Reading Central will be a showcase of its modern working practices and collaborative office space. The company considered options throughout the Thames and its decision to stay and expand within Reading is a vote of confidence for the town.”
LSH’s Thames Valley team has also been instructed to procure and project manage Pegasystems’ office fit-out.
