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TH Real Estate signs Blackberry, securing record Thames Valley rent

TH Real Estate has secured Blackberry, the global leader in secure mobile communications, as its latest occupier at The Pearce Building, Maidenhead.

The Pearce Building comprises 50,000 sq ft arranged over eight floors. Blackberry has leased the ground, fifth and sixth floors for £37.50 sq ft for a 10-year lease from July this year. The occupiers are both paying rents on the new IPMS3 measuring standards.

The rent secured for Blackberry is £2.50 per sq ft above the previous top rent in Maidenhead and the highest obtained in the Thames Valley region this cycle.

Ryan Dean, Partner, National Offices team, Knight Frank, commented: “The deal with Blackberry is one of the highest headline rents in the Thames Valley ever, and is therefore, a very significant deal for the market. We are seeing significant rental growth in some of the key towns and we believe there is more to follow. The increase of rent of over £2.50 per sq ft has wider connotations for the entire market, beyond that of The Pearce Building and we are seeing quoting rents on new developments coming through pushing £40 per sq ft. Our recent M25 report showed that overall take-up in the South East real estate market increased by 30 per cent in the first quarter of 2016, representing the strongest start to the year since 2008, and the numbers for Q2 will provide further evidence of an increasingly buoyant market.

Knight Frank and DTRE acted for TH Real Estate, Cushman and Wakefield acted for Blackberry.

Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services.

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