Frasers Property UK has renewed global technology business Cisco to a 271,725-square-foot lease at its Lakeshore office complex near Heathrow, West London, CoStar News understands.
The landlord said its existing tenant had extended its lease for another 10 years across the three office buildings at 9-11 New Square, with CoStar data showing Cisco has been at the site since 2001. The property group declined to comment further.
As part of the renewal, the landlord and its tenant will co-invest in "significant building and landscaping upgrades" at Lakeshore, helping to "enhance infrastructure, improve energy efficiency and elevate the overall occupier experience".
Frasers Property UK added that the works will create a "future-ready, sustainable workplace that reinforces Lakeshore’s position as a strategic, innovation-led business hub". It said the deal "reaffirm[s] the park’s role as its strategic UK headquarters since 2000".
The transaction brings an end to the tech firm's office hunt, with CoStar News revealing in 2023 that Cisco has appointed JLL to evaluate its South East offices. But the firm has opted to remain at Bedfont Lakes Business Park in a major boost for the South East office market.
The landlord business bought Lakeshore from Evans Randall for £135 million in 2020. Lakeshore comprises 12.44 acres of landscaped grounds and comprises three high-specification office buildings. It sits inside the M25 motorway and is less than a mile from Heathrow Airport.
James Smith, commercial director at Frasers Property UK, said in a statement: "Frasers Property UK is proud to extend its relationship with our occupier, a leading technology business, for another 10 years and to continue supporting its operations in the UK. We are upgrading not only the buildings at Lakeshore but also the wider estate, creating a prime, highly productive employment hub for the future."
Frasers Property UK commercial portfolio totals 5.8 million square feet of office and industrial accommodation, with its other developments including Winnersh Triangle, Chineham Park, Farnborough Business Park, Blythe Valley Business Park, Hillington Park, Maxis in Bracknell and The Rowe in London.
