INDUSTRY NEWS

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

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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