Ultra Electronics at Foundation Park, Maidenhead
JP Morgan Global Alternatives has agreed an off-plan prelet to Ultra Electronics at Foundation Park, Maidenhead in the first major South East offices letting of 2022, CoStar News can reveal.
Ultra Electronics, a defence and security contractor, has committed to a new building of 56,000 square feet on a 20-year lease at a headline office rent of £35.75 per square feet. Foundation Park is owned by institutional investors advised by JP Morgan Global Alternatives.
The transaction kick starts JP Morgan’s masterplan for the next phase which will redevelop of three buildings that had been occupied by Johnson & Johnson. This will provide 166,000 square feet of accommodation across four new buildings including an amenity hub. Since buying the park in 2015, JP Morgan has invested approximately £40 million, delivering a new speculative Grade A building of 67,000 square feet and improving the existing buildings, on-site facilities and amenities. The improvements have resulted in lettings to major corporates including Logicalis, Polycom, Hitachi and McIntyre Hudson. Foundation Park also has existing Grade A accommodation available ranging from 5,000-67,000 square feet.
Paul Harris, executive director, real estate Europe at JP Morgan Global Alternatives, said in a statement: “We are delighted that Ultra Electronics is relocating to Foundation Park. The lease is another milestone in the park’s continued success and a testament to our vision, investment and execution since acquiring the asset in 2015.”
Bray Fox Smith & Cushman & Wakefield represented JP Morgan.
