Barings hands Bulb space back to BL

84,499 sq ft of office space at 155 Bishopsgate, EC2, has been handed back to landlords British Land and GIC more than two years after the tenant, Bulb, went bust. Investment manager Barings has surrendered its lease on the 400,000 sq ft building, which it sublet to now-defunct energy supplier Bulb in 2019. Barings left the space in 2018, moving to 110,000 sq ft at 20 Old Bailey, EC4. While the premium Barings has paid for the surrender has not been disclosed, the firm had 18 months left on the lease and originally agreed a deal at a rent of £47.50 per sq ft.  The space has been empty since Bulb collapsed into administration in November 2021. The handing back of the space comes amid an uptick in surrenders on London office blocks over recent months. This was the second chunk of space given back to British Land in the past six months. In September, Meta formally handed back its lease for BL’s 310,000 sq ft Regent Place at 1 Triton Square, NW1, paying £149m for never occupying the development. Later that month, Lloyds Bank surrendered its lease to Evans Randall Investors on Thavies Inn House,EC1, while Meta surrendered again last month, saying it was planning to move out of its 227,322 sq ft One Rathbone Place, W1, owned by German investor Deka, six years before the end of its lease.  Levy Group advised Barings on the Bishopsgate surrender. Image from PR