A 167,000 sq ft block that symbolised the downturn of the City office market is the favourite option for a long-running requirement.
Milton Gate on Moor Lane, EC2 which has been vacant for four years was expected to be selected by Thomson Financial as its preferred choice this week.
The financial information provider has been searching for a new head office for more than three years.
At the end of last year, it agreed to pre-purchase the 300,000 sq ft 15 Canada Square in Canary Wharf, E14, but withdrew in January after halving its requirement.
Its two options became Milton Gate and Land Securities’ Bankside scheme, SE1.
UBS and Exemplar Properties have been speculatively refurbishing Milton Gate since paying £50m for it last year.
It was put up for sale when its holding company went into receivership after failing to find a tenant.
Savills and Morgan Pepper advise UBS/Exemplar. Cushman & Wakefield acts for Thomson.
Hammerson is in discussions with two tenants for the top floors of 99 Bishopsgate, EC2, which it recently relaunched at £60 per sq ft.
Charles River Associates is negotiating for 40,000 sq ft, while US law firm Latham & Watkins wants to expand into the remaining 15,000 sq ft.
Savills advises CRA; CBRE advises Hammerson. They are expected to pay more than £55 per sq ft.
References: EGi News 16/06/06
