Fotografiska has pre-let the lower ground floors and a new office pavilion totalling 89,000 sq ft at The White Chapel Building, 10 Whitechapel High Street E1.
“This imposing building had the right style, location and cultural fit”, said David Earle, who advised Fotografiska on the transaction. "To satisfy the brief of securing a self-contained facility that boasted height, volume, sense of arrival and is a destination was a tall order. However, using our market knowledge of transacting in all parts of London, rather than just post code specific, we were able to source and uncover this unique offering. Boasting floor to ceiling heights of 4-5m and a striking designed pavilion, we are already looking forward to the grand opening in 2019.
One of the key aspects in sourcing this off market opportunity was for LSH to present the Fotografiska vision and project it to active landlords. It helped enormously that Derwent understood and bought into this from day one. From there, we worked on a joint design that, when ready in 2018/9, will be eye catching to say the least.
In addition to negotiating a competitive rent of £2.4m per annum or £27.00 per sq ft on a 15-year lease with five-year rent reviews based on annual RPI increases, LSH also secured incentives and contributions totalling £10.8 million.
Tommy Rönngren, founding partner and chairman of the board of Fotografiska London, said: "Derwent is a developer with great creative vision and we chose to work with them because of the combination of the building itself and the creative heritage of Derwent. Fotografiska has, for a long time, been searching for suitable facilities in London, one of the world's most dynamic cities when it comes to photography. Whitechapel, which is one of London's most up and coming areas, will be a perfect location. It will be really exciting to bring the concept of Fotografiska to London."
John Burns, chief executive officer of Derwent London, said: "We are very excited to welcome Fotografiska - The London Museum of Photography to The White Chapel Building. We believe their arrival will be a major benefit to the area and Fotografiska's character endorses the Group's focus on good design. This pre-let means that we will have successfully let the entire property."
Alongside agency services, Lambert Smith Hampton is also providing project management, planning, business rates and office consultancy throughout the project.