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 ┬ú300m, with Blackstone and British Land sharing the cost.
UBS also occupies space in other areas at Broadgate, as well as offices on Finsbury Avenue.