British Land looks set to go ahead with a new office space development for Swiss bank UBS.
The £300 million building will act as a headquarters for UBS and will be located at 4 and 6 Broadgate in the City of London.
British Land will be partnered by private equity company Blackstone Group on the project, with the firms working together under their joint venture Bluebutton Properties.
A statement from Bluebutton disclosed that they and UBS have engaged in an “exclusive, though not yet binding, heads of terms” for the bank to occupy the space.
News of the move is another fillip for British Land after Australian banking group Macquarie recently announced it is leasing offices at the property investment and development company’s premises at Ropemaker Place.
Macquarie opted to take the space after failing to secure a deal to lease offices at Drapers Gardens.