A company that specialises in providing first class visual effects for the film industry is taking up residence in the West End of London. Double Negative has taken out a lease on the entirety of the available office space at 160 Great Portland Street in the London district of W1, according to Great Portland Estates, which made the announcement yesterday.
The agreement covers all of the 86,535 square feet of office space in the commercial property, which is being rented out for an annual fee of no less than £4,785,000. However, Double Negative will actually be paying no rent at all for the first 29 months of the agreement, with the company having signed an agreement committing to stay at the property for no less than 20 years. The initial cost of renting the property will be £59.60 per square foot, at least until the first rent review rolls around in 29 months. With rental prices rising all the time in London, it makes sense that companies are now prepared to enter into long-term agreements of this nature.
Double Negative is currently situated at 45 Mortimer Street, likewise located in the W1 district of London, which has 21,818 square feet of space, as well as also having offices on Shaftesbury Avenue and also in Singapore. The company recently won an Academy Award for the visual effects it provided for the Christopher Nolan sci-fi thriller "Inception".
