UK charity Cancer Research is tying up a deal to relocate its London staff from the Angel Building to a new 150,000 sq ft headquarters in Stratford, CoStar News can reveal.
Cancer Research has gone under offer to take the space at Lendlease and London & Continental Railways’ International Quarter next to the Queen Elizabeth Olympic Park in Stratford, east London.
The charity is exercising a lease event on it current headquarters at Angel Square in 2019 to make way for Expedia’s expansion plans.
Expedia signed a deal last month to take over the Cancer Research UK's lease in Derwent London’s Angel Building to 2020 across the first, second and third floors. The deal will also give Expedia the option to occupy the remaining parts of the Angel Building by 2022, meaning the company would occupy the entire building.
Cancer Research will join a roster of big-name occupiers at TIQ. The first two office developments at the site were prelet, with the Financial Conduct Authority (FCA) committing to the first 425,000 sq ft building where it will move its headquarters and 3,800 employees in 2018 and Transport for London committing to the 265,000 sq ft second building.
Lendlease and LCR subsequently forward sold the FCA’s headquarters to Deutsche Bank for £370m and TfL’s HQ to Legal & General Retirement for £246m.
Ian Kenyon, chief financial officer at Cancer Research UK, told CoStar News: “I can confirm that Cancer Research UK has accepted an offer to leave the Angel Building at the end of 2019, giving Expedia the opportunity to expand. As a charity, we have a responsibility to manage our finances and make savings where possible. We won’t be in a position to comment further until plans for a new location have been finalised.”
Last October, Lendlease and London & Continental Railways gained unanimous consent for Building S4, a circa 800,000 sq ft, 21-storey building which will be the third office scheme, and the first to target multiple tenants, at the International Quarter next to the Queen Elizabeth Olympic Park in Stratford, east London.
The Olympic Legacy Development Corporation – the planning authority which oversees the Olympics regeneration zone - rubberstamped two reserved matters applications for Rogers Stirk Harbour + Partners designed Building S4 in Zone 2, known as The International Quarter (TIQ) South.
Building S4 will be the third commercial building to come forward in Zone 2; Plots S5 (Financial Conduct Authority) and S6 (TfL) are two commercial buildings that secured reserved matters approval in early 2015 and are currently under construction.
The complexes totalling around 800,000 sq ft have already been pre-let and forward sold for in excess of £600m.
International Quarter London is being delivered by Lendlease and LCR as a 50/50 joint venture on behalf of Stratford City Business District Limited.
Located at the gateway to Queen Elizabeth Olympic Park, International Quarter proposes:
-4m sq ft of offices
-333 homes at Glasshouse Gardens
-Over 25,000 people will work at International Quarter London when complete
-Over 52,000 sq ft of shops and restaurants, with associated childcare and community facilities.
JLL and BNP Paribas Real Estate are letting agents at the International Quarter.