Carter Jonas has confirmed its extensive role in the landmark commercial property development deal that will see ARM, the world’s leading semiconductor IP company, expand capacity at its global headquarters in Cambridge at the Peterhouse Technology Park.
Carter Jonas has advised ARM for five years, culminating in ARM signing an agreement with LaSalle Investment Management, on behalf of a client, for two new pre-let office buildings at the Park opening in 2017. ARM has agreed a 20-year lease on the buildings, releasing an additional 190,000 sq ft of space to enable ARM to potentially increase its people count to 3,000 as part of its long term growth plans. ARM has approximately 1,600 people based in Cambridge presently.
LaSalle Investment Management took a long lease from landowner Peterhouse, Cambridge, which was in turn advised by Bidwells.
Carter Jonas acted under instruction from ARM in the early stages of site master planning and throughout the planning consent. On behalf of the promoter for the development, CEG, Carter Jonas also secured planning permission for the expansion scheme including the two new buildings, multi-deck car parks and other associated works.
Following a unanimous vote in favour of planning permission approval by Cambridge City Council, the proposed development scheme was automatically referred to the Department for Communities and Local Government (DCLG) as it extended in to land designated as green belt. The Secretary of State confirmed that no further scrutiny of the approved plans was required and work started on-site in April 2016.
In advising ARM, Carter Jonas also helped to secure 70,000 sq ft of interim accommodation at three additional sites in Cambridge, as well as providing valuation, lease and rent review, and building surveying advisory services.
Will Mooney, Carter Jonas partner and head of commercial in the eastern region, based at its Cambridge central office, said: “That the global leader in its sector is committed to extending its headquarters in Cambridge is a testament not only to the city itself but also the strength and allure of regional property markets in key growth centres of the UK.
“That ARM chose Carter Jonas to advise on such a complex and landmark project is very gratifying.
“Additionally, in ARM instructing our Cambridge agency to secure interim accommodation in the city when there is an acknowledged paucity of PLC-worthy Grade A accommodation highlights the importance of local knowledge in an increasingly crowded marketplace.”