Deutsche Bank is close to confirming a much-anticipated move to 5 Brindleyplace in Birmingham.
The German bank is understood to be in detailed talks with Hines and Moorfield to take as much as 80,000 sq ft in the 130,000 sq ft building, with the option to expand.
Rents at the building will be around £27 per sq ft.
A move to the property, which is undergoing an £8m refurbishment following the expiration of its lease to BT, would enable Deutsche Bank to consolidate its Birmingham offices – the neighbouring 1 Brindleyplace and Baskerville House.
The bank occupies 46,000 sq ft at Baskerville, where it has a February 2014 lease break. Its lease on the 68,500 sq ft 1 Brindleyplace is due to expire at the same time.
If a deal at 5 Brindleyplace is signed, it would leave just one large grade-A office option in the city for occupiers looking to move next year – Carlyle Group’s 300,000 sq ft Colmore Plaza.
Further new space will come on stream in 2014 as part of the Two Snow Hill development.
Jones Lang LaSalle is advising the bank; GVA is acting for Hines and Moorfield.
? Accountancy giant Deloitte is lining up a potential 60,000 sq ft requirement for Birmingham city centre.
The company has a lease expiry at Hines’ and Moorfield’s 4 Brindleyplace in 2016 and is considering whether to move or regear its lease on 57,000 sq ft of offices.
lisa.pilkington@estatesgazette.com
