Schroders seeks new London office space

Office design news from Morgan Lovell

Published on 16-08-2010

A leading money management firm has shortlisted a number of properties for its potential new base.

This is according to the Telegraph, which reports that Schroders is considering the proposed development at 100 Bishopsgate from Brookfield and Great Portland Estates.

It is seeking 250,000 sq ft of London office interiors and a "handful" of properties have been identified as having potential.

However, the paper adds that new projects are in short supply in the capital as a result of the credit crunch, which saw some projects being mothballed.

The news source suggested that the potential Schroders move is evidence of the battle for office space in the City of London heating up as longer leases come to an end.

It is one of a number of financial organisations expected to take advantage of expiring leases and break clauses to undertake an office relocation in London. Other firms that may follow such a path include merchant bank Close Brothers and insurance specialist Aon, the paper reports.

Meanwhile, it was recently announced that Hammerson and Canada Pension Plan Investment Board paid £183 million for the long-term lease on 10 Gresham Street in the City of London.

Posted by Paul Kelly