Royal London Asset Management (RLAM) with Exton Estates has let the new 49,000 sq ft office development Luminaire, Norrey’s Drive, Maidenhead, to Stiefel Laboratories.

The building, formally known as Concorde House, was built in 1988 and was occupied by Nortel. After the building was purchased a surrender of the Nortel lease was agreed and planning was secured, with an additional floor, to build a new contemporary Headquarters office building.

Stiefel, the dermatological research company, took the office building in its entirety which completed in May of this year, on a long lease, at a rent of £32.50 per sq ft. The building will be used as the company’s new European Headquarters.

Stephen Elliott, Fund Manager, RLAM comments:

“This is great success story and is due to a very strong team effort. There were a number of difficult elements in this transaction which needed to be overcome and we are delighted with what we have been able to achieve”.

James Mawson, Director, Exton Estates comments:

“This is a very high profile transaction which is good news for the Maidenhead and Thames Valley market. The programme from the initial purchase of the building, securing planning to landing Stiefel as an occupier went completely according to our game plan. We are now looking for our next successful office project”

Rhodri Shaw, Partner, Strutt & Parker’s National Markets – Office Agency, comments:

“This was an off market acquisition and is excellent news for RLAM and Exton as not only have they managed to successfully let the entire space on completion of the building, they have also set a new headline rent for the out of town Maidenhead office market.”

Strutt & Parker and Lambert Smith Hampton advised RLAM and Exton Estates.

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