Derwent London has pre-let its 136,300 sq ft Network office development in Fitzrovia, central London, to data and artificial intelligence (AI) firm Databricks.
Derwent London’s Network office development
Databricks has taken a 15-year lease, with a break clause in the 10th year, at an annual rent of £14.1m.
Derwent chief executive Paul Williams said: “We are delighted to have pre-let all of the offices at Network W1 to Databricks shortly before completion, at a rent that reflects the quality of the space we are delivering. This maintains our long and successful pre-letting track record.
“Momentum is strong across the business and since the start of 2026 we have agreed lettings totalling £15.7m of rent with lease renewals and regears adding a further £2.1m. In addition, we have £4.3m of transactions under offer.”
Derwent said the London office market “is entering a period of very low new supply, while demand remains robust” and said the was letting a vote of confidence in well-connected, amenity-rich spaces that suit modern occupiers.
Derwent’s commercial real estate portfolio was worth £5.1bn as of the end of last year, with the assets mainly located in central London.
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