Expanding Expedia books into the Angel Building
13 Jul, 2011, London
Expedia, the world's largest online travel company, is taking 81,000 sq ft over two floors at the 263,000 sq ft Angel Building, a Derwent London scheme, in east Central London. Advised by Cushman & Wakefield, Expedia will pay a rent of £3.33m a year on a 10-year lease, with no breaks and a rent-free period of 24 months. They will pay a rent of £40 per sq ft on the 51,385 sq ft fourth floor and £42.50 per sq ft on the 29,875 sq ft fifth floor.
Cushman & Wakefield assisted Expedia on the consolidation of its existing occupation in Orange Street and Seven Dials, Covent Garden by simultaneously subletting 36,000 sq ft of it's existing space to Facebook.
Henry Peto, Partner in the London Occupier Representation team who advised Expedia said; "The deal which involved two simultaneously transactions represents one of the largest in the West End this year. The acquisition of 81,000 sq ft over two floors at The Angel will enable Expedia's business to continue to grow within a single building at a significant discount (on a pro rata basis), to their current cost base in Covent Garden."
Busaba Eathai, a modern Thai restaurant chain, has leased a 4,200 sq ft retail unit at the south of the building. This follows the recent retail letting to Jamie's Italian.