British Land and Blackstone have agreed to construct the City’s largest building on the Broadgate estate and have secured UBS as the tenant.
In a deal worth about £600m, two buildings will be demolished to create the new 700,000 sq ft European headquarters for the investment bank. UBS has been in negotiations for several months about whether to remain in Broadgate.
Its departure, the estate’s second largest tenant with about a quarter of the office space, would have been a blow for Broadgate’s owners.
Agents have suggested the rent could be about £55 a sq ft, which is roughly in line with recent lettings.
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