Advertising giant Omnicom has completed a 370,000 sq ft sublet from Royal Bank of Scotland at M&G’s Bankside 2 and Bankside 3, SE1.
The deal is the second-largest office letting in central London this year and the largest on the South Bank.
RBS has two 20-year leases at Bankside that expire in 2027 with no breaks. It pays an overall average rent of £40.50 per sq ft, with five-yearly upwards-only rent reviews.
Omnicom has agreed to pay a rent in the region of £45 per sq ft for the space.
The deal will see Omnicom consolidate its London estate, bringing 13 separate offices under one roof for the first time.
Neil Austin, head of asset management at the Royal Bank of Scotland, said: “Following a strategic review of our occupational property portfolio in central London, the decision in January 2014 to dispose of Bankside 2 and Bankside 3 has proven to be the right choice by securing a tenant of Omnicom’s calibre and size.”
The New York-listed company went under offer on the space in June after an exhaustive search in which it shortlisted options that included the Aldgate Tower.
The Royal Bank of Scotland was advised by DTZ and Cushman & Wakefield. Omnicom was advised by Feld Real Estate.
