Legal & General has confirmed its move to a new London headquarters, signing a 15-year lease for 190,000 sq ft at Stanhope and Cathay Life Insurance’s redeveloped Woolgate, EC2.
The deal, revealed by EG in March, will see L&G leaves its offices at 1 Coleman Street to take levels four to eight in the new office scheme.
The deal is not as great a scale-back in space as the company had envisaged. When it appointed JLL to find a new HQ, it expected to take 150,000 sq ft in the City core submarket, down from 200,000 sq ft at 1 Coleman Street.
There is now 136,000 sq ft left to let in Woolgate. Practical completion is due in the first quarter of 2025, with L&G’s fit out set to finish in 2027.
L&G chief executive António Simões said: “Woolgate is well-aligned with our commitment to the net zero transition, coming with strong sustainability credentials and will support our commitment to a net zero operational carbon footprint by 2030.”
Savills, JLL and BCLP acted for Stanhope and Cathay Life’s Woolgate Exchange Unit Trust. JLL and Simmons & Simmons advised L&G.
Image © Stanhope/Stiff + Trevillion/London Communications Agency
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