Plans have recently been announced by The Co-Operative Group to consolidate its business operations in London within one building in the City. The news has led to speculation that this will cause a number of deals resulting in over 140,000 sq ft of office space being taken up within the square mile.
The Co-op Group’s operations in London are located in several different locations in the capital including those in Fleet Street and Prescott Street. However, it has recently agreed to occupy the whole of St Paul’s House, 10 Warwick Lane EC4. This new development consists of c. 36,000 sq ft and is owned by Beltane Asset Management.
Elsewhere in the City migration eastwards from the West-end looks set to continue with the news that Brookfield Office Properties is to move from its current location at 23 Hanover Square to its own refurbished building at 99 Bishopsgate EC2. Brookfield will occupy the whole 25,000 sq ft second floor, while serviced office provider i2 is under offer to occupy the first floor, also of 25,000 sq ft.
Letting activity at the Heron Tower continues to be steady following news that Schneider Trading Associates is thought to be under offer to take 12,000 sq ft on the 15th floor. The company is currently based at 25 Copthall Avenue EC2.
ETX Capital has also signed a new deal to occupy 9,066 sq ft at Broadgate West, with a quoting rent of £35 psf. Two other firms are also in negotiations for new space; The Collinson Group is looking to take 26,000 sq ft of overflow space at Devonshire Square EC2 while Principal Global Investors is discussing taking 11,000 sq ft of overflow space at 1 Wood Street EC2.