Cloud computing firm Rackspace has signed the biggest Thames Valley office deal of the year to develop a 300,000 sq ft campus in Hayes, west London.
The Texas-based firm has struck a deal with Melford Capital Partners for the campus at Hyde Park Hayes business park.
It already occupies 93,000 sq ft at Hyde Park and has now signed a 10-year deal for an additional 212,000 sq ft at the park, where rents are close to £30 per sq ft.
It has agreed a prelet for the 125,000 sq ft HPH5 building, and is taking 27,000 sq ft in two other properties. It has also agreed an option to take 60,000 sq ft HPH4.
It is the biggest deal of the year so far ahead of BP’s signing of 135,000 sq ft in February at New Square, Bedfont Lakes .
Tiffany Lathe, vice-president legal and HR of Rackspace, said: “As we grow, we need even more space for our rising number of employees to enjoy and thrive in. Hyde Park Hayes is the ideal place for such expansion.”
Rackspace had originally been in talks for a 100,000 sq ft prelet (22 June, p45), but was tempted by the arrival of the Hayes & Harlington Crossrail station in 2017 to invest more heavily in the campus.
It is the largest deal since May 2012 when Aker took the entire 220,000 sq ft building 6 at Blackstone’s Chiswick Park , W4.
Rackspace was unrepresented; Altus Edwin Hill and Strutt & Parker advised Melford.
joanna.bourke@estatesgazette.com
