Property News Hatrick of deals for Colliers International

Westinghouse Rail Systems Office Deal Signed

Birmingham’s biggest city centre office letting of 2012 has been sealed.
Colliers International has secured a letting of 15,150 sq ft at Maple House, 150 Corporation Street, owned by GE Capital Real Estate.
The tenant, Westinghouse Rail Systems has taken a five-year lease at £13.50 per sq ft.
Westinghouse is part of the Invensys group and develops advanced signalling and integrated control systems for the railway industry.
GE Capital Real Estate has invested more than £1.5m in the refurbishment of Maple House. Etc. Venues occupies 21,575 sq ft of the 58,315 sq ft building, while Tesco Express is resident on the ground floor. The remaining 6,500 sq ft of office space is being marketed by Colliers International and joint agents GBR Phoenix Beard.
Alex Tross, associate director in the office agency team at Colliers International, said: “Take-up during 2012 has been slow and competition to secure tenants is intense, particularly in the second hand market where there are more options than for Grade A new builds. GE Capital Real Estate’s investment in upgrading Maple House and offering realistic rents has landed them the biggest deal of the year and interest in the remaining space is encouraging.”
According to the Birmingham Office Market Forum, office take-up in central Birmingham in the first half of 2012 totalled 147,654 sq ft over 63 deals, of which, 93,081 sq ft was taken up, across 35 deals in the second quarter
GE Capital Real Estate is a leading global commercial real estate company and has been an active investor in the UK market for more than 20 years. With multiple office locations in the Midlands area, GE Capital Real Estate is committed to the Midlands office occupier.
Westinghouse Rail Systems was advised by DTZ. 

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