Deutsche Asset and Wealth Management is close to striking a deal to take 90,000 sq ft of office space at one of Land Securities’ flagship developments in Victoria, SW1.
The fund manager has agreed terms to lease the space at the 190,000 sq ft Zig Zag building where rents are £80 per sq ft.
The deal would be the latest in a string of mega-lettings to sign this month, including a 227,324 sq ft letting to Facebook at GPE’s One Rathbone Square, W1, and 174,570 sq ft deal with Universal Music UK at 4 Pancras Square, N1.
Deutsche would become the second tenant to take space at Zig Zag; in September Jupiter Asset Management leased 56,000 sq ft at the building on 20-year lease. The building completes this month.
The deal will be seen as a further boon for the diversifying Victoria occupational market, with prominent technology and fashion firms taking headquarters in the district recently.
Deutsche is in the process of consolidating its central London office portfolio, which currently includes a total of 16 buildings – down from more than 20.
Earlier this year it leased 350,000 sq ft at 10 Upper Bank Street, E14, to house staff from several offices, a significant proportion of whom were decanted from 6-8 Bishopsgate, EC2, where the bank occupies 147,000 sq ft.
The Zig Zag letting is expected to see some staff consolidated from buildings including Pinners Hall at 105-108 Bishopsgate, EC2, and Winchester House at 1 Great Winchester Street, EC2.
A Deutsche spokesman said: “Like any large company, Deutsche Bank constantly reviews its location strategy to ensure that it continues to meet the bank’s business needs.”
JLL advised Deutsche; Cushman & Wakefield and Knight Frank are leasing agents on the building.
