INDUSTRY NEWS

Schroders to move into major City of London office building

Schroders has agreed to pre-let the entirety of a major new City of London office construction.

The financial services firm has agreed non-binding heads of terms to move into One London Wall Place, a property offering a total of 310,000 sq ft of office space and being developed by Brookfield Office Properties and the Ontario Municipal Employees Retirement System’s real estate unit.

The building on the St Alphage site is set to span 12-storeys and the floors will offer London office space varying from 9,000 sq ft to 40,000 sq ft. It will sit next to Two London Wall Place, a larger 16-storey development offering a total of 190,000 sq ft.

The firm will look to move into the building at some point in 2017 once work on the site is complete. It will use the large development to bring together its five existing locations under one roof.

Schroders chief executive, Michael Dobson, said: “Schroders has grown substantially in recent years and One London Wall Place offers us a unique opportunity to consolidate all London employees under one roof, in a modern working environment and in an excellent location.”

Oxford Properties and Brookfield purchased the building in June last year from Hammerson, when the firm dropped the development for bring insufficiently profitable .

Schroders is a British multinational asset management firm. It has 34 offices across the globe located in America, Asia, the Middle East and Europe.

By: Kirsty MacGregor

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