Vote of confidence in Thames Valley location
The firm worked with Nick Coote, a Corporate Real Estate Advisor and Director of UK commercial real estate consultancy Lambert Smith Hampton (LSH) to negotiate and finalise the lease renewal negotiation. The negotiations took place on behalf of Pegasystems during the height of lockdown and were concluded despite concerns about the future effect of Covid-19.
Mark commented,“What’s particularly interesting about this deal is that, despite Covid-19, organisations such as Pegasystems are continuing to renew leases on large commercial properties - this one for over 10 years. This really does show that the Thames Valley continues to be the UK’s Silicon Valley in the eyes of companies located here. This latest deal is a continuation of our relationship with Pegasystems whom we advised when they were located in Apex Plaza in Reading in 2010.”
He added,“Reading continues to appeal strongly as a location to tech companies. In the light of recent events, some London-based tech firms may now look at relocating to larger, regional-based premises as rentals are considerably lower here. This approach can mean considerable cost-savings for firms and Reading is an ideal location for a regional office. Covid-19 is a catalyst for new ways of operating including remote working and of course the requirement for social distancing measures in offices.”
Dan Ryan vice, president, real estate and facilities at Pegasystems, said,
“Our employees value their Reading location and, while we envisage that the office of the future will be more flexible than today, we see 3 Forbury Place as the perfect foundation for that new work space. Reading’s easy transport connectivity to London, reputation as the UK’s ‘silicon corridor’ and lower costs compared to some other locations means that the Thames Valley is where we want to remain.”
Consistent with our policy when giving comment and advice on a non-specific basis, we cannot assume legal responsibility for the accuracy of any particular statement. In the case of specific problems we recommend that professional advice be sought.