The old London base for tech giant Meta is set to be transformed into a science and technology hub, thanks to a new partnership.
British Land and Royal London have teamed up to create the hub at 1 Triton Square in Euston. Royal London will own half of the project, costing them £192.5 million. They’ll also get a £149 million bonus from Meta, who left the office last September.
There has been a shift in companies using less office space since the pandemic as more people work from home. This project will turn the site, worth £385 million, into a science and tech centre with labs and different types of offices.
The building is in Regent’s Place campus, part of London’s “Knowledge Quarter”, where lots of top research places like The Francis Crick Institute, The Wellcome Trust, the Alan Turing Institute and University College London are based.
Simon Carter, boss of British Land, said: “We are delighted to be working with Royal London Asset Management to deliver a world class science and innovation building at Regent’s Place. We proactively took 1 Triton Square back from Meta to reposition it for science and innovation customers, with the expectation of unlocking significantly higher rents, whilst benefiting from a considerable surrender premium to further improve the economics.”
“This transaction is another example of how we drive value through establishing innovative JV partnerships, enabling us to flex our balance sheet, share the risk and crystallise the value created from Meta’s surrender premium.”
Mark Evans, head of property and commercial development at Royal London, said: “We are thrilled to join forces with British Land to reposition 1 Triton Square for the science and innovation market. The partnership opportunity aligns with our wider strategy to leverage our platforms in new markets and continue to deliver on our commitment to purposeful investment.”
“We have long recognised the demand for best-in-class science and innovation space, particularly in the Golden Triangle, and the need for this space in supporting the UK’s economic growth.”
He added: “In testament to this strategic vision Royal London Asset Management has established 1.5 million sq ft of holdings to meet these needs over the past 10 years. 1 Triton Square will increase our holdings to over 2.0 million sq ft and will form a core part of our wider portfolio as we position life sciences and innovation as a core platform for further investment.”
