BNP Paribas Real Estate is preparing to market more than 100,000 sq ft of its City offices following its decision to develop a new headquarters in King’s Cross, NW1.
EGi understands the agent will soon begin the hunt for a tenant to sublet the 103,452 sq ft it occupies at 5 Aldermanbury Square, EC2. The long-term lease was inherited from Fortis Bank, which BNP Paribas purchased in 2009.
The disposal will follow BNP Paribas’ confirmation to staff this morning that it will centralise its London presence across Harewood Avenue, NW1, and a new 350,000 sq ft Kings Cross development (pictured).
BNP PRE will develop the site by 2015 and will occupy it along with the firm’s wealth management, investment partners and securities services businesses. The subsidiaries will occupy more than half of the building.
Existing offices at 7 Harewood Avenue and 10 Harewood Avenue, NW1, will be BNP Paribas’ corporate and investment HQ.
Ludovic de Montille, UK chairman of BNP Paribas, said: “This long-term real estate strategy has been formulated to serve our needs in London and focusing our operations on these two campuses will allow for future growth, further improve our ability to service clients, promote cross-selling and reduce costs.”
joanna.bourke@estatesgazette.com
