Derwent London announced that it has completed a significant lease extension and expansion with long-standing occupier Adobe at White Collar Factory EC1. Driven by its evolving workforce requirements, Adobe has expanded its footprint by 25% to 67,000 sq ft, leasing an additional 13,400 sq ft. In addition, Adobe has reaffirmed its long-term commitment to the building, extending their occupation to 2038 (with a break in 2033).
The overall rent has increased to PS4.5m, with the new rent agreed ahead of December 2024 ERV. Adobe's decision demonstrates the value that occupiers place on high-quality offices with amenities such as DL/Service at White Collar Factory, and the importance of DL/Lounges, with DL/28 located at adjacent Featherstone Building. With companies continuing to increase their office footprint, this deal further highlights the quality of portfolio as well as the buoyancy of London's office market and its position as the HQ capital of Europe.
