Lendlease and LCR have confirmed the forward sale of 515,000 sq ft of commercial space to Deutsche Bank’s asset management arm at The International Quarter.
Acquired on behalf of one of its German funds, Deutsche Bank will make staged payments of more than £370m over the course of the development period for the Financial Conduct Authority Building.
The FCA building, currently in the early stages of construction, will sit at the gateway to Queen Elizabeth Olympic Park, E20, and is anticipated to house around 3,800 FCA employees from 2018.
Lendlease and LCR will continue to manage the delivery of the building through the Stratford City Business District Ltd joint venture.
Dan Labbad, chief executive officer, International Operations at Lendlease, said: “We have now announced investment totalling more than £615m in less than a month following the forward sale of 265,000 square feet of commercial space prelet to Transport for London.
“This is great news for Stratford and further backing for our plans to build a world-class, healthy and flexible workplace in London’s fourth major business district – which will also bring 25,000 new jobs to the area by 2025.”
JLL advised Lendlease and LCR on the sale.
