Standard Life Investments has netted multi-national insurer QBE Insurance for its office tower at 45 Church Street in Birmingham’s central business district.
QBE has taken 6,500 sq ft of grade A space on part of the fifth floor on a 10-year lease and is believed to be paying over the £28.50 per sq ft quoting rent for that suite.
Rents in Birmingham had levelled out due to the economic downturn to around £25 per sq ft after dropping back from previous high levels of circa £30 per sq ft.
The firm was previously based at offices on Edmund Street in the city centre but required additional space as part of its regional expansion plans.
QBE Insurance is the official insurance partner of England Rugby and Premiership rugby. Its Birmingham office covers the West and East Midlands and employs around 35 people.
DTZ and GBR Phoenix Beard advised Standard Life Investments, while QBE represented itself.
lisa.pilkington@estatesgazette.com
