British Land “close to Broadgate deal with UBS”
British Land is close to keeping Swiss bank UBS as a key tenant in the Broadgate development in the City of London, according to the Daily Telegraph.
The deal would be a “major boost” for British Land, the paper says, as it had faced concerns that UBS – the largest tenant in the Broadgate office complex – might leave in 2014 when it reached break clauses in its agreements.
The deal has not yet been signed, but the Daily Telegraph says UBS is thought to be ready to sign up for more than 600,000 sq ft, making this the largest deal in the City since the start of the recession. The transaction will see “the heart of UBS’s operations” move into 4 and 6 Broadgate, which will be rebuilt as part of a general overhaul of the office development. This refurb forms a key part of British Land’s strategy for Broadgate.
If the agreement on the pre-let for 4 and 6 Broadgate is indeed signed, the paper says this will “take expectations of an improvement in the City of London office market to new levels”.
