Newcastle’s largest office letting of 2021 is heading to Quorum Park in a move which will see a rapidly expanding security firm, triple its floorspace at the North East office park.
Landlord Shelborn Asset Management has announced that Verisure UK Services Ltd will transfer its 400-plus staff to the 92,000 sq.ft. Q12 building during the first quarter of 2022.
Verisure will initially take 62,000 sq,ft across two floors, followed by a third floor in 2024/25. When fully occupied, Q12 will allow Verisure to meet the target of 1,000 plus staff that it had projected to deliver when moving to the region.
The letting will represent the largest deal at Quorum since the 2009 letting to Tesco Bank, slashing the office park’s vacancy rate to under 20% for the first time and rounding off a remarkable two years for Shelborn.
Europe’s largest monitored alarm provider, Verisure initially took 32,000 sq.ft. at the park’s NEON building in February 2021, only three months after Shelborn acquired the freehold of the 1 million sq.ft office park.
Over the past eighteen months and despite the challenges of the pandemic, Verisure has rapidly expanded its footprint and headcount. The firm is actively recruiting and expects to hire at least 100 to 150 further staff in the next 12 months.
As part of the new deal, the floorspace that Verisure occupied at NEON will be returned to Shelborn, who are confident that a new occupier will be secured in the months ahead.
Mark Rabinowitz, director of Shelborn Asset Management, said:
“The news that Verisure is significantly expanding at Quorum Park is clearly fantastic news for everyone involved in bringing the firm to the North East and follows a great deal of hard work over the past eighteen months.
“We are very proud to have helped facilitate Verisure’s expansion and absolutely delighted to bring every building at Quorum into occupation for the first time. Over the past two years we have welcomed a host of new names and are confident that we can maintain this momentum into 2022.”
In addition to its dealings with Versiure, Shelborn has secured over 75,000 sq.ft of new lettings since its acquisition from US private equity giant, Cerberus Capital Management.
The deals have seen Shelborn welcome occupiers such as National Utility Hub, Shared Services Connected Ltd (SSCL), Rambol, recruitment firm NRG and managed print services firm Concept Group to the park as well as seeing existing occupier Connect Health expand.
Kevin Croft, Verisure’s site director, said:
“The business is going through a tremendous period of growth which is witnessed by the fact we have more than doubled the number of people we anticipated we would have in place less than two years since we arrived at Quorum Park.
“We are in a crucial phase of growth and despite signing a long-term lease at the Neon Building, our business forecasts tell us that we need substantially more space and so we have secured a deal for Q12, which will provide us with three times the floor space and is ideal for the 1,000 plus staff we fully expect to recruit during the course of this decade.”
Cushman & Wakefield and Avison Young are appointed on behalf of Shelborn Asset Management as joint letting agents for Quorum Park.
Source: Quorum Park
Posted in: Financial Professional and Business Services, Move on up