The world’s largest interdealer broker has committed to a new City of London HQ at British Land and GIC’s 135 Bishopsgate, EC2.
TP ICAP has placed 120,000 sq ft under offer at the former RBS offices, which will undergo an extensive refurbishment prior to the company moving in.
Advised by JLL, the firm will pay around £55 per sq ft for the new HQ. The deal will see TP ICAP retained within British Land and GIC’s Broadgate estate, as it moves from 155 Bishopsgate, EC2, where it occupies 65,000 sq ft on a lease expiring in 2020.
The relocation follows the merger of ICAP’s broking business with rival broker Tullett Prebon in 2016. The deal saw ICAP split its broking business from its electronic trading and markets infrastructure business, which was renamed NEX Group. Michael Spencer’s NEX, which is currently based at British Land’s 1-2 Broadgate, EC2, agreed a deal earlier this year to sublease 115,700 sq ft from law firm Ashurst at M&G Real Estate’s London Fruit & Wool Exchange, E1, ahead of its 2019 lease expiry.
TP ICAP’s deal at 135 Bishopsgate represents the first pre-let of the 325,000 sq ft office development. British Land submitted plans in April to carry out an extensive refurbishment of the building, next to Liverpool Street Station. The plans, which include increasing the existing retail space from 8,000 sq ft to 38,000 sq ft, were approved by the City of London Corporation on Wednesday.
The refurbishment of 135 Bishopsgate is part of a broader investment strategy into the estate by British Land and GIC. The duo also have consent for a 550,000 sq ft, 32-storey tower at 2-3 Finsbury Avenue Square, are undertaking a 530,000 sq ft major refurbishment of 100 Liverpool Street and are also considering developing a new large retail element.
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