Bankers Trust has confirmed it is looking for up to 60,385 sq m (650,000 sq ft) of offices in either the City of London or Canary Wharf.
At a recent meeting in the bank’s headquarters in New York, the board approved plans to restructure the London operation. Bankers Trust’s property consultant DTZ Debenham Thorpe said the bank will either prelet a single building of 60,385 sq m (650,000 sq ft) or opt for a second building of 41,805 sq m (450,000 sq ft) close to its Broadgate offices at 1 Appold Street.
The bank is understood to be restructuring following last year’s acquisition of NatWest Equities, which added an extra 1,000 staff to the corporation.
Negotiations will be held with a handful of developers with sites large enough to satisfy the requirement before the end of 2001. David Steventon, director of DTZ Debenham Thorpe, said the bank will be targeting Canary Wharf and London Bridge City for a single building.
Two other shortlisted schemes – Peter Marano’s Broadgate West at 9 Appold Street, EC2, and British Land’s development of phases 12/13 of Broadgate – are not big enough to support a single building. But both can support a second building almost opposite Banker’s Trust 51,095 sq m (200,000 sq ft) Broadgate offices.
Last year Marano secured planning consent from Hackney council for a 51,095 sq m (550,000 sq ft) scheme at Broadgate West. British Land is rafting over railway tracks into Liverpool Street to bring forward the delivery of the final phases of Broadgate.
Bankers Trust this week agreed to take 7,153 sq m (77,000 sq ft) of short term offices from Halifax at 33 Old Broad Street, London EC2. The rent is believed to be just under £538.21 per sq m (£50 per sq ft).
Healey & Baker is advising Halifax.
EGi News 04/06/98
