British Land and Blackstone has signed a lease with Switz banking giant UBS to develop a new £340M building on the Broadgate Estate in the City of London.
Under the deal signed yesterday, British Land will demolish the existing buildings at 4 and 6 Broadgate and create a new 65,000 square metre tower.
According to British Land and Blackstone, the move safeguards 5,000 jobs and signifies UBS’ commitment to to the City of London.
The new building will be designed to bespoke UBS requirements with areas for trading and general offices.
British Land and Blackstone, through their joint venture Bluebutton Properties, hope to start construction in mid-2011 and complete the project in 2014.
Broadgate is the largest office estate in the City of London where over 30,000 people work each day. It is home to some of the largest major financial services firms in the world as well as some of the UK’s best known retail and leisure brands.