JLL Named To Lead Property Hunt As Cisco Considers UK HQ Move
Lakeshore comprises three offices totalling 541,886 square feet in size with a lettable area of 272,000 square feet. It is fully let to multi-national technology firm Cisco as its UK headquarters on a long-term lease with a break in 2025. Evans Randall bought the campus from Scottish Widows in 2006 for £156 million.
Globally, Cisco has been opening so-called ‘Smart Building’ offices, in New York and most recently in Atlanta, to measure how best to design offices following the pandemic. The Atlanta location is a 64,000-square-foot hub in the CODDigital communications technology company Cisco, based in the United States, has launched a search for an up to 150,000-square-foot headquarters in the west London and South East region ahead of a lease running out at its giant campus in Heathrow, CoStar News can reveal.
Cisco appointed JLL for the search, which market sources say is for a building able to house between 50,000 square feet and 150,000 square feet. That would be a significant reduction from the 272,000 square feet it occupies at its Lakeshore campus in Feltham near Heathrow.
Singapore’s Frasers Property bought Lakeshore, at 9-11 New Square, Bedfont Lakes from Evans Randall for £135 million in 2020.A complex in the city’s tech-heavy Midtown market.
Frasers has built a £1 billion portfolio of business parks in the UK since 2017 including four business park assets bought from Oaktree in 2017 for £743 million – the 1.5 million-square-foot Winnersh Triangle in Reading (sold for £365 million); Chineham Park, Basingstoke (£142 million); Watchmoor Park, Camberley (£42 million); and Hillington Park in Glasgow (£137 million) – and Farnborough Business Park, which it bought from Harbert and XLB for £174.6 million later in 2017.
JLL declined to comment.
Source : costar.com
