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British Land to build new London City office for UBS

British Land to build new London City office for UBS

Property group British Land is planning to build a new head office in the City of London for Swiss banking giant UBS, one of their key tenants.

In partnership with Blackstone Group LP, who bought a 50% stake in the site last year, British Land plan to redevelop part of Broadgate to create more office space for the firm.

A new building will be constructed at 4 and 6 Broadgate, which is expected to allow British Land and Blackstone to retain UBS as a tenant. Under the terms of the existing agreement, UBS would have been free to leave the property in 2014.

Early indications suggest that the redevelopment at 4 and 6 Broadgate is said to cost around £300m, with Blackstone and British Land sharing the cost.

UBS also occupies space in other areas at Broadgate, as well as offices on Finsbury Avenue.

Author: | May 5, 2010 | 0 Comments

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