PwC has signed a 90,000 sq ft prelet to become the first tenant at Birmingham’s £500m Paradise regeneration development.
The deal will see PwC relocate 1,400 staff from its offices at Cornwall Court to Paradise Circus Limited Partnership’s 172,000 sq ft One Chamberlain Square building.
PwC will take the top four-and-a-half floors of the Eric Parry-designed building on a 20-year lease. It will relocate in 2019 to coincide with the conclusion of its existing lease at Cornwall Court.
Rumours had been circulating Birmingham’s property market regarding PwC moving to the 1.8m sq ft Paradise scheme for the past 12 months.
The first two speculative office blocks won detailed consent last autumn. Construction of One Chamberlain Square and 184,000 sq ft Two Chamberlain Square will start on site in the summer. Completion is due on the former in autumn 2018 and the latter in 2019.
Paradise Circus Limited Partnership is a private-public joint venture comprising Hermes Investment Management, Birmingham City Council and Canada Pension Plan Investment Board.
CBRE advised PwC; Bilfinger GVA is the letting agent.
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