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LONDON- Transport and logistics group P&O has shown confidence in its massive 630,000-sf Regent Quarter development at King’s Cross by taking a lease on the scheme’s centerpiece, the 66,000-sf Jahn Court building, scheduled to be ready for occupation in 2005.

P&O has agreed to take a 15-year lease at £35 ($58) per sf, but at the moment all the company is saying is that it will “consider” moving its headquarters to the building on completion. Director Peter Smith, said: “Significant cost savings would be achieved through lower occupancy costs, efficient space utilization and the move to modern, energy efficient premises.”

Regent Quarter is a mixed use urban regeneration project being undertaken by P&O Developments on a 5.8-acre site immediately next to Kings Cross station which, by 2007, will be the main terminus for the Eurostar Channel Tunnel services. The project will include offices, shops, bars, restaurants, a 277-bed Premier Lodge hotel, 146 residential units.

The Jahn Court building is the largest of four new offices to be built at Regent Quarter. The five-storey modern glass-clad building will be integrated into the existing Victorian street façade. Work at Regent Quarter started in November 2002, with the first phase of development expected to be finished by Spring 2004. DE & J Levy is the letting agent for offices at Regent Quarter.

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