A new headline rent of over £26 per sq ft has been achieved in the Cambridge office market by Hermes Real Estate and Exemplar Properties at their £17m development of 101 Cambridge on Cambridge Science Park. Citrix Systems R&D has taken a 10 year lease with a 5 year break at a rent in excess of the quoting rent of £26 per sq ft.
Alex Turner of Hermes Real Estate said: "We made a calculated move to build this space speculatively as we believed that the research and development market around Cambridge was in the ascendant and would go from strength to strength. In March 2008, Philips took 15,000 sq ft at 101 Cambridge for their R&D headquarters, setting a new headline rent at the time of £25 per sq ft; this headline has now been exceeded in the letting to Citrix; an encouraging sign for the Cambridge office market.” Bidwells acted on behalf of Hermes Real Estate and Exemplar.
