Global computing company Arm’s deal to lease all of The Optic building at British Land’s Peterhouse Technology Park, has been named Lease of the Year for East of England in the CoStar Impact Awards, handed out by a panel of independent judges.
The deal marked an increase for the platform, which occupies 330,000 square feet across all six buildings at Peterhouse Technology Park and was described as having “a material impact on the Cambridge market, acting as a vote of confidence in the city at a time when large corporate occupiers were reassessing space requirements post-pandemic”.
Completed against a backdrop of rotating occupier demand, altered workplace strategies and broader market uncertainty, it helped to jumpstart further activity from the local office and research and development market by generating interest from occupiers and investors.
About the project: The Optic is an all-electric building with office and lab-enabled space, with sustainability focused features including 94 electric vehicle charging points, solar panels and a 2,500 square-foot-roof terrace.
It features contemporary, future-focused workspace designed with specifications capable of supporting advanced technology teams.
What the judges said: Nick Manley, executive director, real estate research centre, Cambridge University said that the deal: “Built confidence in the East of England as an innovation and tech business location.”
Stuart McDonald, chief property officer, East of England Co-Operative Society, said: “Set against a backdrop of a challenging office market, securing a tenant of this calibre is a significant vote of confidence for the region and is likely to attract further innovation and investment into the area, which I would argue is pivotal to the success of the region. It provides quality jobs for the region and I am aware the building has also been developed to the highest sustainability standards.”
Katherine Friend, director – investment and asset management, at Howard Group said: “The letting to ARM was a significant letting in the Cambridge ecosystem in the last 12 months and has insured ARM's commitment to Cambridge for years to come.”
They made it happen: George Craig, partner, Bidwells LLP; Matthew Parry, director/office agency, JLL; Bridget Partridge, associate, JLL; Michael Wiseman, head of workspace leasing and science and technology, British Land ; Amy Hockley, head of innovation leasing, British Land; Georgia Hogg, transaction manager, British Land; Jonathan Hill, Chairman, Scott Brownrigg; Peter Knight, managing director – Southern, Overbury; Scott Lineham, senior quantity surveyor, SDC Construction Group.
