Having met a number of conditions agreed with future tenants, UBS, British Land and Blackstone have revealed that work can begin on the construction of 5 Broadgate – a development expected to provide around 700,000 sq ft of London office space.
The existing buildings, located at 4 & 6 Broadgate, are currently being demolished – a process which is set to be completed in April; with the office building scheduled for completion in the fourth quarter of 2014.
UBS have a deal in place to lease 5 Broadgate for a period of 18.2 years; they will also receive a rent-free period of 18 months.
Commenting on the office scheme, Tim Roberts, head of offices for British Land, stated: “This is another significant milestone in the development of the new UBS building at 5 Broadgate and a real boost for the city. The Broadgate estate continues to evolve and serve the needs of a range of city occupiers and the 30,000 people based there.”
News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.