Build Begins on 700k sq.ft. Grade A London Office Space
Yesterday the construction of 700,000 sq.ft. of Grade A office space officially began at 5 Broadgate in the City of London.
The building has been commissioned by Swiss bank, UBS, and is due to be completed by around 2014 ΓÇô by which time it is estimated thousands of new construction jobs as well as a handful of new apprenticeships will have been created for this project alone.
The 12-storey sustainable building will be home to four trade floors that will house around 750 traders each. This will ultimately allow UBS to bring various existing London trading operations together under one roof and consolidate their City presence.
The ground-breaking ceremony was attended yesterday by the Chancellor of the Exchequer, George Osborne, Chief Executive of British Land, Chris Gigg and Ulrich Koerner, CEO of UBS EMEA, among others.
Both the Chancellor and Mr Gigg reinforced the positive impact this new City of London office space would have on recruitment in the area.
ΓÇ£This new site, in the heart of the City, signals the confidence placed in London as the worldΓÇÖs leading financial centre,ΓÇ¥ said the Chancellor. ΓÇ£The scheme will benefit not only from the GovernmentΓÇÖs Crossrail investment at Liverpool Street station, but will also protect up to 7000 jobs in the City, and create over 5000 new construction jobs.ΓÇ¥
ΓÇ£UBSΓÇÖs commitment to the City of London and Broadgate demonstrates LondonΓÇÖs global appeal as a major financial centre,ΓÇ¥ echoed Chris Gigg. ΓÇ£The 5 Broadgate development will not only help to retain jobs in the City but will also create thousands more during its construction.ΓÇ¥
ΓÇ£The development of such an impressive new office signals the continuation of UBSΓÇÖs long and successful relationship with the UK, the City of London and Broadgate,ΓÇ¥ said Ulrich Koerner of UBS. ΓÇ£We hope its powerful design will reflect UBSΓÇÖs own strength and solidity, as one of the best capitalised banks in the world.ΓÇ¥
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