Benson Elliot, the UK-based private equity real estate fund manager, has pre-let 50,000 sq ft of office space at CBX II, its 150,000 sq ft mixed-use scheme in Milton Keynes. The lettings bring occupancy to c. 80 per cent, and evidence the growing demand for high quality regional office accommodation.
Electronics company Ingram Micro has taken 30,000 sq ft over 3 floors at the Midsummer West building on a 10-year term. Ingram Micro, a US-based Fortune 500 company, is the world’s largest wholesale technology products distributor, sourcing products from prominent manufacturers such as Acer, Apple, IBM and Microsoft.
New Era, the American fashion brand, has leased 20,000 sq ft across the first floor of Midsummer East and Midsummer West, also on a 10-year term. Established in 1920, New Era is the exclusive manufacturer of the official on-field caps worn by every Major League Baseball team and their minor league affiliates. The company produces more than 35 million caps per year and has quickly become an iconic fashion brand in the UK.
Philip Irons, Partner, Benson Elliot, said:
“Welcoming two substantial American companies that are both leaders in their fields is a ringing endorsement for our refurbishment strategy at CBX II. It reinforces the trend that we are seeing of growing demand for high quality office accommodation in the regions, particularly in locations like Milton Keynes that offer fast access to London and other major UK cities.”
Prominently located within the Central Milton Keynes Business District, CBX II is a modern, mixed-use development comprising c. 150,000 sq ft of office and retail space. Office accommodation is split over three buildings on Midsummer Boulevard – Midsummer East, Midsummer West and Midsummer Court. Benson Elliot acquired CBX II in March 2010 with a view to increasing occupancy through an active asset management programme, capitalising on anticipated demand for quality space in the regions. Other tenants in CBX II include Regus, Global Radio and All Bar One.
Benson Elliot was advised by XLB, CBRE, Bidwells and Louch Shacklock.