Mitsubishi Estate London has exchanged contracts with T Rowe Price to lease 130,000 sq ft of space at its Warwick Court office building in Paternoster Square, EC4.
The deal, which EG revealed in March, will see T Rowe Price relocated from its existing office in Queen Victoria Street to Warwick Court in 2023.
According to Radius Data Exchange, the US company occupies less than 90,000 sq ft at its current headquarters, meaning it is bucking the trend among big London occupiers of downsizing in response to the pandemic.
Mitsubishi, along with development partner Stanhope, began a refurbishment of the former Goldman Sachs building earlier this year with architect Fletcher Priest. The team is understood to be placing an emphasis on sustainable design, with as few interventions as possible.
The works are due to complete in June 2022, and will reuse the existing structure of the building, with a reworked ground-floor arrival, new amenity spaces, terraces looking out on to St Paul’s Cathedral and touch-free services. The scheme has been rated BREEAM Excellent.
David Camp, chief executive of Stanhope, said: “This transaction is further evidence of the importance of sustainability in occupiers’ decision making. The project’s commitment to reducing waste and minimising its carbon footprint was said to be a major factor in its favour and is a credit to the entire development team.”
T Rowe Price will occupy floors three to seven, along with part of the second, leaving around 50,000 sq ft of remaining space available at Warwick Court.
The landlord is understood to regard the remaining 15,000 sq ft to 29,000 sq ft floorplates as suitable for a range of sectors from major trading floor operations to more agile and creative occupiers.
Yuichiro Shioda, managing director of Mitsubishi Estate London, said: “This confirms our view that there is always a place for well-designed, sympathetically developed premium office space in the heart of London – and that real estate can still play a vital role in supporting business growth and culture.”
Robert Higginbotham, head of global distribution at T Rowe Price, added: “Moving to Warwick Court will support the firm’s collaborative culture by providing more workspaces for all associates in a single site and drive our continued focus on sustainability in a more modern and environmentally efficient building.
“Staying in the City of London helps us maintain access to our clients, attract and retain top talent and continue to strengthen our brand in the region. We also want to demonstrate our commitment to local businesses in the City of London.”
T Rowe Price was represented by JLL; Mitsubishi was advised by Cushman & Wakefield.
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