Formula 1 has signed a deal to prelet the whole building at Tellon Capital’s refurbished office scheme at 40 Broadway, in London’s Westminster.
The business, which is behind the FIA (Fédération Internationale de l'Automobile) Formula One World Championship, has agreed a long-term lease on the almost 100,000-square-foot building. It is understood that the business was set to take a 15-year term, sources told CoStar News.
Cushman & Wakefield and Tuckerman were mandated as joint leasing agents for Tellon on the deal. Savills acted on behalf of Formula 1.
The refurbished site has top sustainability and wellness credentials including EPC A and WiredScore Platinum and is targeting others including BREEAM Excellent and WELL Platinum.
James Burchell, co-founder of Tellon Capital, said: “[This letting] has vindicated our decision to build the building speculatively and reinforces that offices continue to play a key role for businesses today, providing they offer Grade A, environmentally friendly buildings with fantastic amenities. We are excited to see what plans Formula 1 will have to make it a truly iconic building in an exceptional location.”
Stefano Domenicali, president and chief executive of Formula 1, said: “We are delighted to bring the headquarters and our brilliant team that are the driving force behind the incredible global sport of Formula 1 to these state-of-the-art offices at 40 Broadway. This is a major statement of our commitment to London and the UK where nine of the 11 Formula 1 teams are based and we are excited for the future and our plans for the offices in the years ahead.”
The firm's current London head office is at No 2 St James' Market, according to its LinkedIn page.
Red Construction was the construction partner.
Oliver O’Shea, divisional director at RED Construction London, said in a statement: “A landmark site and an exemplar for wellbeing-first Grade-A office space, 40 Broadway is yet another iconic development our team has carried out in the heart of London. We have an extensive history of delivering sensitive design work in high-footfall inner-city locations, and with a dedicated experienced team, RED Construction London is the partner of choice for considered redevelopments in the capital.”