GL Hearn's Occupier Advisory team advise Ultra Electronics on major office letting

01 February 2022

GL Hearn’s Occupier Advisory team has successfully advised Ultra Electronics on their move to Foundation Park, Maidenhead, in the first major South East office letting of 2022.

Ultra Electronics, a leading defence and security contractor, has agreed an off plan prelet and committed to a new building of 56,000 sq. ft.

Foundation Park is owned by institutional investors advised by JP Morgan Global Alternatives.

David Felman, GL Hearn’s Occupier Advisory Director, acting for Ultra, commented: “Foundation Park will provide a great platform for Ultra moving forward, as the market evolves and the pandemic accelerates new ways of working, regional hubs play an important role in providing real estate solutions which support the changing requirements of the UK workforce.”

Since buying the park in 2015, JP Morgan has invested approximately £40 million, delivering a new speculative Grade A building of 67,000 square feet, and improving the existing buildings, on-site facilities, and amenities. The improvements have resulted in lettings to major corporates including Logicalis, Polycom, Hitachi, and McIntyre Hudson.

Ultra’s move to the park signals the start of the next phase which will redevelop three more buildings, providing 166,000 square feet of accommodation across four new buildings including an amenity hub.

Mike Baptist, president of Ultra Intelligence and Communications, said: “Our move to Foundation Park is an important and exciting part of Ultra’s site investment programme under our ‘focus; fix; grow’ transformation strategy. This new location will continue to support our culture of innovation and collaboration, providing our colleagues with a modern workplace that reflects Ultra’s future growth trajectory.”

For more information on our Occupier Advisory team get in touch with David Felman.

Image source: Foundation Park website