2 October 2013
A deal has been agreed that will see PRS for Music taking 52,000 sq ft of commercial office space at King’s Cross.
- PRS for Music to take approximately 52,000 sq ft of Grade A office space at King’s Cross
- PRS for Music is the first tenant announced for the speculatively financed and built Two Pancras Square
- The move will enable PRS for Music to maintain a central London presence while streamlining and improving its property portfolio
PRS for Music, the organisation that represents over 100,000 songwriters, composers and music publishers, has agreed a deal that will see it taking 52,000 sq ft of commercial office space at King’s Cross. The organisation has reached an agreement with the King’s Cross Central Limited Partnership (KCCLP), the company driving the area’s transformation, to lease space in the Allies & Morrison designed Two Pancras Square.
PRS for Music is the first tenant to be announced for the new building which occupies a prime position just north of King’s Cross and St Pancras International stations. PRS for Music will occupy the top four floors of the 130,000 sq ft nine storey building. It will have access to a large roof garden that will be accessible to all of the building’s occupants.
PRS for Music will be leaving its current headquarters in Berners Street, in London’s West End. Two Pancras Square will become its central London office, alongside a refurbished existing Streatham premises.
Speaking about the agreement Robert Ashcroft Chief Executive of PRS for Music commented: "This is a significant move for our organisation, having been at our Berners Street offices for over sixty years. Relocating part of our business to King’s Cross enables us to maintain a central London presence at the heart of the music industry. We are also investing heavily in our Streatham facility, making it the centre of our operations, IT and member services teams. The combined move will offer an exciting new workspace for our staff and represents the best value for our music creator members."
Commenting on the letting, Nick Searl of Argent (King’s Cross) Ltd., the asset manager at King’s Cross said: "I’m delighted PRS for Music has chosen to move to Two Pancras Square, it plays a key role in a creative sector and is a perfect fit for King’s Cross. We look forward to working closely with PRS for Music over the coming months and to welcoming its staff into the completed building next year."
Two Pancras Square is still under construction, but will complete in mid-2014. PRS for Music will be able to tailor the internal spaces to fully meet its needs and match designs planned for the existing Streatham office.
The two parties have agreed a 15 year lease. King’s Cross are advised on office lettings by DTZ and Savills. PRS for Music were advised by Strutt & Parker.
Olivia Chapman, Media Relations Manager:
02073064229 / 07939 449 333
Nabil Hanafi, London Communications Agency:
0207 612 8491 / 07875 266269
Notes to editors
Image: CGI, Two Pancras Square
About PRS for Music
PRS for Music represents the rights of over 118,000 songwriters, composers and music publishers in the UK. As a membership organisation it ensures creators are paid whenever their music is played, performed or reproduced, championing the importance of copyright to protect and support the UK music industry. The UK has a proud tradition of creating wonderful music that is enjoyed the world over and PRS for Music has been supporting the creators of that music since 1914.
PRS for Music provides business and community groups with easy access to over 10m songs through its music licences. In an industry worth over £4.1bn PRS for Music is uniquely placed to be a voice for music and music creators. Collecting £537.4m in 2015, PRS for Music is one of the world’s most efficient combined rights organisations. With over 100 representation agreements in place globally, PRS for Music's network represents over two million music creators.
About King’s Cross
King's Cross is flourishing – after five years of construction across the 67 acre development the first premises opened in September 2011 and following Google UK Ltd’s investment announced earlier this year, over half of the 8 million sq ft is now committed.
In total, the King's Cross Central Limited Partnership project is delivering over 1,900 new homes, 3.4m sq ft net of office space and 500,000 sq ft of retail space. There will be 20 new streets, 10 major public spaces and 20 historic buildings and structures are being restored and refurbished across the site.