Crosstree Portfolio: Old street

Two take space at The Bower

Helical Bar and Crosstree have agreed deals totalling almost 35,500 sq ft at The Bower, Old Street to CBS Interactive, an online content network provider, and Allegis Group, the UK subsidiary of a US recruitment company.

CBS Interactive has taken the eighth and ninth floors of The Warehouse at The Bower, comprising 17,416 sq ft of space, at £60/ sq ft for 12 years, with a 20 month rent free period.

Meanwhile, the third floor of The Warehouse has been let to Allegis Group, totalling 18,035 sq ft of space at £55.50/ sq ft for 15 years, with a 15 month rent free period

Previously agreed office tenants already signed up to take space in the building include luxury online fashion retailer, Farfetch, and global content marketing agency, John Brown Media. Other tenants at the scheme include restaurants Ceviche and Bone Daddies, GymBox and a 115-room Z Hotel.

The first phase of the Bower is nearly complete, and the second phase will see the redevelopment of The Tower, increasing the existing block from 115,000 sq ft to 170,000 sq ft.

The Bower totals 3.12 acres and is immediately adjacent to Old Street Roundabout. It was acquired by Helical Bar and Crosstree in December 2012 for £60.75m. On completion, The Bower will comprise over 310,000 sq ft of office space across three buildings, as well as around 100,000 sq ft of new and existing retail, leisure and hotel space.

JLL and Hatton Real Estate are joint letting agents; Colliers advised CBS Interactive and BNP Paribas Real Estate advised Allegis Group.