Derwent pens two major pre-lets

West End developer Derwent London yesterday said it has pre-let two major developments to Publicis Groupe, the owner of advertising agency Saatchi & Saatchi, for a combined annual rent of £8.8m. The complex deal will see Saatchi & Saatchi move from its Derwent-owned headquarters on 80 Charlotte Street to 40 Chancery Lane. Publicis has also pre-let another Derwent scheme at Turnmill 63 Clerkenwell Road, in a major coup for the developer. Both leases are for a term of 20 years with rent reviews every five years. The offices, which together total 155,600 square feet, are still being built and are expected to be handed to Publicis for fit out in July 2014.