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News - 01/06/2011

First tenant signs for Reading offices

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We have signed a new lease with Atex Group Limited (Atex) at Advantage, the grade A office building on Castle Hill, Reading.

We have been acting for The Advantage Property Income Trust Limited (TAP), c/o Valad, to market the modern office building, with Atex being the first tenant to sign for space in the building.

Consolidation of sites into single HQ

Atex is a global software company selling solutions for media-rich industries. The company has signed a 12 year lease at a rent of £22 per sq ft, taking 8,448 sq ft of office space on the third and fourth floors of Advantage.

The move is part of a plan to consolidate the company’s sites from across the UK, including Green Park Reading, into a single headquarters in Reading.

Rare BREEAM “excellent” rating

A 24,915 sq ft, four storey office building located close to Reading town centre, Advantage has excellent transport links with the west of England, Heathrow Airport via the M4 and direct Intercity train services to London Paddington and Birmingham International stations. It is also one of very few office buildings in the Thames Valley to have achieved an “Excellent” BREEAM rating.

Rob Howe, Valad’s Head of UK Real Estate, commented: “As part of an investment review, Valad recommended a comprehensive refurbishment of the building with a particular focus on improving its environmental and energy saving credentials. This resulted in Advantage becoming one of only a small number of office buildings in the Thames Valley to achieve an “Excellent” BREEAM rating. Following this latest letting, we are looking forward to welcoming more tenants in the near future.”

Modern office space for global HQ

Jim Rose, CEO of Atex, commented: “Advantage is a perfect fit for Atex. As a world class, industry-leading organisation, we need to have a global HQ synonymous with this. We need to be based where we can proudly host our customers from across the globe and where our employees feel proud to work. Advantage fulfils this in every way and also supports our rapid anticipated growth over the next few years.”

Technology and media occupiers

Nick Coote, Head of our Reading office, added: “This is an important transaction for the scheme, putting Advantage on the map for technology and media occupiers seeking modern office space.  Atex is a growing business, and its modern and forward-thinking ethos and approach is reflected in its choice of new UK HQ.”

Valad is the investment manager for TAP, a mixed commercial property portfolio of 45 properties located across the UK.


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