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Helical and Ashby Push London Rents on at The JJ Mack Building

Author: AshbyCapital |

Helical and AshbyCapital have signed a second tenant at The JJ Mack Building, 33 Charterhouse Street, their London office development where Sainsbury's has entered talks for a headquarters move.

Corio Generation, advised by DeVono, has signed for the 13,400-square-foot ninth floor.

The offshore wind developer joins private markets firm Partners Group, which signed for the sixth and seventh floors comprising 37,880 square feet of offices at the end of last year.

Supermarket giant Sainsbury's, advised by Cushman & Wakefield, has picked the building as its favoured option for a 70,000-square-foot headquarters move from its home in Holborn.

Market sources told CoStar News that Corio is set to pay a rent of around £112.50 per square foot across the floor. That would be record rent for the immediate area and one of the highest rents achieved in both the City and Midtown in recent times.

Mark Stansfield, head of UK analytics at CoStar, said: "This latest deal illustrates again the rise and rise of the area around Farringdon Station, where Elizabeth line services arrived last year to make it one of Europe's busiest stations and where tech and media firms continue to gravitate due to its social buzz. The £112.50 per square foot headline rent is the highest CoStar has ever recorded within a 0.3 mile radius of Farringdon Station. It also eclipses the record City of London rent paid at the Leadenhall Building in 2021 (£109 per square foot). While the effective rent was likely a little lower, it showcases healthy demand for the newest and highest-quality space in London's best and most vibrant locations."

The JJ Mack Building was completed in September 2022 and comprises 200,450 square feet of offices with 5,511 square feet of ground floor retail. The building is EPC A and includes three roof terraces and 426 cycle spaces.

Helical and AshbyCapital secured a £140 million facility to finance the development in 2020. Acquired by the 50:50 joint venture in 2019, 33 Charterhouse Street is next to Farringdon Station on the Elizabeth Line. It provides 10 floors of offices and three ground floor shops.

Knight Frank and CBRE advise Helical and AshbyCapital while DeVono advised Corio.