New office construction gets City go-ahead

Office design news from Morgan Lovell

Published on 20-04-2011

Financial services firm UBS has received a green light from the City of London Planning Committee for the creation of its new headquarters at 5 Broadgate.

In total, the new property will provide 700,000 sq ft of grade A office interior space for the company and is being built under a joint venture between The British Land Company and the Blackstomne Group.

Chris Grigg, chief executive of The British Land Company, commented: "The City, in its decision today, has acknowledged the importance of the current and future needs of key occupiers for attractive, flexible and sustainable floor space."

Meanwhile, a new report by BNP Paribas recently showed that prime office rents in London's City district have risen by 17.5 per cent in the last year.

It revealed that rents for prime office space in the area stood at £54.50 per sq ft in the first quarter of 2011.

Posted by Paul Kelly