Derwent lets top two floors of White Collar Factory to Box.com

Derwent London has let the top two floors of the tower at White Collar Factory in London EC1 to cloud content management company Box.com for an initial rent of £2.1m a year or £75 per square foot.

Box.com will occupy 28,500 square feet on a 15-year lease with five-year rent reviews and a break in year 10. The rent free period is equivalent to 18 months on a 10-year lease, rising to 23 months on a 15-year term.

Following this letting, the tower is 92% let with around 7,000 sq ft of offices remaining on part of the 12th floor. The whole development is now 83% let.

Chief executive John Burns said: "The addition of Box.com to an already strong line-up of occupiers is a great endorsement of both Derwent London's product and the Tech Belt area. Our decision to develop an innovative office campus which ensures occupier flexibility and incorporates industry-leading sustainability features has been fully justified by the excellent response the building has received."

The White Collar Factory tower comprises 237,000 sq ft and is the principal building within the office-led campus. It has 3.5m high ceilings, concrete core cooling, openable windows and the ability to accommodate flexible occupation.

At 0935 BST, the shares were flat at 2,765p.