DB Real Estate can confirm that Renesas Electronics Corporation have taken a new 10 year lease on 33,000 sq ft of office space at Cody Technology Park, Farnborough from Qinetiq, the recently privatised defence contractor who have some 2 million sq ft of space at Cody Technology Park, which is adjacent to Farnborough Airport.
Renesas Electronics recently bought the baseband modem business of long-time technology partner Nokia for $200m and this resulted in the need for office space in the area but away from the existing Nokia HQ at Southwood, Farnborough.
We are advised this is the company's most ambitious business move since it was formed by the merger of the Renesas Electronics and NEC semiconductor businesses, last year.
Renesas are paying £13.50 per sq ft and took on a 10 year lease with a break clause at the end of year 5. Renesas were also given a 16 month rent free period.
For further information please contact the Camberley office of DB Real Estate on 01276 538300 or send an e mail to info@dbre.co.uk
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