UBS is going ahead with a new £600 million office development in the City, after negotiating a deal with Blackstone Group and British Land.
The Swiss banking giant’s new European headquarters will be on the site it currently occupies on the Broadgate estate and will incorporate some 70,000 sq ft of office space.
Two buildings on the site now are to be demolished to make way for the development, which will be the City’s largest office building.
British Land stated: “The new building represents a significant commitment by UBS to the City and Broadgate in particular.
“The development marks another important stage in the ongoing investment programme at Broadgate, which will ensure that it remains the premier City of London office estate, providing modern world-class accommodation for its office, retail and leisure occupiers.”
It is not yet clear what shape the UBS building will take, but it is expected that local planning restrictions will rule out a tower.
Prior to deciding to remain in The City, UBS, which currently occupies around a quarter of the available office space at Broadgate, had reportedly been considering a move to Canary Wharf.