Macquarie has agreed to lease a significant proportion of British Land’s Ropemaker Place development in London. The Australian bank will be taking on 217,000 square feet of office space and will eventually move its entire UK workforce of around 1,000 into the building. The details of the agreement were not made public.
For Macquarie, the move was an unexpected one, since they had previously ruled out the British Land scheme in favour of the Exemplar Developments and Canary Wharf Group’s Drapers Garden development. However, Blackrock Investment Management recently signed for the entire 290,000 square feet of the building.
Ropemaker is already occupied by the Bank of Tokyo Mitsubishi, one of the reasons British Land initially decided against it. There are relatively few developments with such a large amount of prime office space free, leading to the possibility of further price rises as big firms vie for remaining available space.
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