LBS Properties has leased office space in Old Street to an artificial intelligence company leaving a soon-to-close WeWork site.
Signal AI has signed for more than 7,000 sq ft on the fourth floor of Script, at 44 Featherstone Street, EC1. The five-year lease was agreed at £62.50 per sq ft.
The company was previously based at WeWork space in the Bower, EC1, a Helical building. WeWork is due to exit that building imminently after a lease renegotiation following overdue rent. As well as London, Signal AI has offices in Hong Kong and New York.
The company says its “external intelligence” programme digests 5m news, social, blog, broadcast and regulatory documents each day and then helps customers to spot investment opportunities and risks.
LBS Properties is the developer behind office schemes including Chapter & Verse, also near Old Street roundabout, and 65-70 White Lion Street, N1.
Compton acted for the landlord and is co-leasing agent for Script alongside Cushman & Wakefield.
Compton co-founder Elliott Stern told EG: “This achievement marks a significant milestone for Script and the broader Old Street district. Despite the numerous challenges faced by the tech markets this year, there is a noticeable resurgence in activity and attention within the sector. Anticipating a wave of initiatives in the dynamic AI sector, Signal AI is poised to establish a notable presence in the City Fringe.”
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