INDUSTRY NEWS

Broadgate Planning Restrictions May Add to Lack of New Offices in London

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Plans by the owners of Broadgate Square, the City of London’s largest office complex, to knock down two buildings to create a new U.K. headquarters for UBS AG (UBSN) may be halted by historical preservation efforts, worsening a shortage of new space in the capital’s main financial district.

English Heritage, a state-funded conservation group, recommended that Broadgate should be given protection from demolition.

The government will decide whether to accept the advice within five weeks, a spokeswoman for the Department for Culture, Media and Sport said yesterday.

The development of Broadgate is costing £850 million ($1.4 billion). The building would have 700,000 square feet (65,000 square meters) of space, making it British Land’s biggest project.

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