UBS has signed off plans for it to take on a new 65,000 sq m headquarters on the Broadgate Estate, jointly owned by British Land and Blackstone. The £340m build cost excludes the cost of land.
While plans had earlier been released to UBS to move to a more modern headquarters on the Broadgate site, no cost or time schedule had been given.
Details released today suggest that the shell of the building and the main core will be complete by the second half of 2014.
The building will be on the current site of 2 and 4 Broadgate.
British Land chief executive, Chris Grigg said: “We are delighted at this significant commitment by UBS to the City and Broadgate in particular. The transaction demonstrates the enduring appeal of this important City of London office estate.”
“At the same time, the new building will enhance the overall quality of Broadgate while generating an attractive development return.”
On receipt of planning permission, construction work is expected to start in mid 2011, with practical completion to shell and core achieved during the second half of 2014.
Further details on the building will be provided after the planning application has been submitted.