Ballymore has confirmed that law firm Wragge & Co has signed up for a prelet at its Snow Hill mixed-use development, representing the largest ever prelet in
As tipped in Estates Gazette (24/11/2007), the two parties have now concluded the deal which sees Wragge’s take 250,000 sq ft of grade A office space at the 320,000 sq ft second phase of the scheme known as Two Snowhill.
David Brophy, Ballymore’s chief operating officer, said: “To have one of the largest national law firms committed to a building where construction has not yet started shows complete faith not just in the strength of Snowhill as a business location, but in the quality of the scheme in which we are creating there.”
The Sidell Gibson-designed building is the sister building to No 1 Snowhill which is already partly prelet to KPMG.
Phase one of Snow Hill is under construction and is scheduled for completion in 2009
No 2 Snowhill will rise to 14-storeys and overlook the scheme’s new
The news will come as a blow for rival developer Carlyle Group which was trying to net the lawyer for its 300,000 sq ft
Earlier this month, Carlyle was confirmed as the buyer of Aegon Asset Management’s 55 Colmore Row, the 135,000 sq ft existing offices of Wragge & Co.
The building was said to be under offer at £55m – a 5.75% yield.
Carlyle’s buy was a strategic move to secure Wragges’ long standing requirement.
The two buildings form part of the 1m sq ft development which will create a new city centre business district which will also house Birmingham’s tallest residential tower and the city’s first five-star hotel – a new Westin Hotel & Spa operated by Starwood Hotels and Resorts, alongside restaurants, bars and cafes as well as new public open spaces.
DTZ and Atisreal advised Wragge & Co, while CB Richard Ellis and Colliers CRE represented Ballymore.
