Member Article

Alstom takes 14,425 sq ft at Borehamwood office development

Real estate management firm Valad Europe has announced it has let two office suites at the Imperial Place building in Borehamwood.

Alstom Transport has agreed to take 14,425 sq ft at the four-storey building in the heart of Borehamwood town centre, joining current tenants including Pizza Hut, Just Eat and Taylor Wimpey at the 225,000 sq ft property.

The UK rail company, which employs over 2,500 people, has signed on for two 10-year leases spread between part of the building’s first floor and the whole of the third floor at a rent of £22 per sq ft.

Stephen Cahoon, Head of Asset Management UK at Valad Europe, commented: “We are delighted to have secured Alstom Transport at Imperial Place. The letting is further testament to the quality of the asset following the recent refurbishment of two of the building’s foyers, the café and more than 29,000 sq ft of space.

“The completion of this activity, we have secured further leases on more than 32,000 sq ft and renewed leases on 20,000 sq ft. We have also increased rents from £18 to £22 per square foot whilst reducing void rate to less than 5%.”

Valad Europe, which was acquired by the Cromwell Property Group for €145m in 2015, manages around €4bn of real estate assets and investments across Europe.

CBRE and Gallagher & Associates acted for Valad Europe and Cyril Leonard acted for Alstom Transport.