by Alex Catalano
Bankers Trust are negotiating with Rosehaugh Stanhope to take about 185,000 sq ft in Broadgate, EC2.
While the recent turbulence in the financial markets has led others — notably James Capel and Paine Webber — to pull out of talks, Bankers Trust are still interested.
“We haven’t wavered at all,” said a spokesman, adding that although nothing can be confirmed until a deal is settled, Bankers Trust are still looking to move out of their existing premises in 1989. The bank currently occupy Dashwood House in Old Broad Street, just a stone’s throw away from Broadgate.
The bank are one of the few to have benefited from October’s financial chaos. Last month they reported that record profits from currency and securities trading since the beginning of October would improve their after-tax results for the year by between $150m and $175m. Bankers Trust had previously predicted that they would suffer a net loss of between $150m and $200m for 1987 as a result of making provisions of $700m for Third World loans.
The other name still in the running for Broadgate is Alexanders Laing & Cruickshank. The British stockbroking firm were recently sold to the French bank Credit Lyonnais as part of British & Commonwealth Holdings’ break up of ALC’s parent, Mercantile House.
Mercantile House had been looking to consolidate their operations in Broadgate, and it appears that, despite the change of ownership, ALC’s move is still on.
ALC are taking one of Standard Commercial Property Securities’ two hi-tech units at Harbour Quay on the Isle of Dogs for their computer centre. Simultaneously, the long leasehold of the 22,650-sq ft building has been bought by clients of Morgan Grenfell Laurie for £3.75m.
Grant & Partners advised Standard Commercial and are quoting a rent of £17 per sq ft for the remaining unit of 26,350 sq ft. This is being converted to full office use, and is available in two chunks of around 23,000 sq ft each.
