British Land PLC said on Monday that ARM Holdings PLC has agreed to increase its rental space at British Land’s Peterhouse Technology Park.
London-based property developer British Land already had a lease agreement for part of the office and laboratory site in Cambridge, England, where Arm, a semiconductor and software design firm, is based.
Arm will now occupy the entirety of the park’s new Optic building, in addition to the six buildings it currently rents. Construction of the Optic building is expected to complete in February.
British Land hopes to achieve sustainability accreditation for the new building, which the firm reported to have electric vehicle charging points and solar panels.
Michael Wiseman, British Land’s head of Workspace Leasing and Science & Technology, commented: ‘Arm is a globally significant business and its commitment to expand in Cambridge and the UK demonstrates the strength of our tech ecosystems and the growing demand for high specification offices and lab spaces in the Cambridge area.’
Wiseman referred to the area as England’s ‘golden triangle’ - a term for the region bound by university cities Cambridge, Oxford and London. The location enables companies based at Peterhouse to capitalise on a ‘deep pool of talent’, Wiseman said.
The financial details of Arm’s lease agreement were not disclosed. British Land named Bidwells LLP as its sole acting agent.
British Land shares were up 1.8% at 361.62 pence each on Monday morning in London.
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