JLL – Wealth and asset managers commit to St Paul’s hub
Close to 300,000 sq ft of new office space has been acquired by wealth managers within the City Core in the last month, according to JLL.
Brewin Dolphin, Quilter and Smith & Williamson have all agreed pre-leases, at 25 Cannon Street, EC4 Senator, EC4 and Gresham St Paul’s, EC4 respectively, in new repositioned buildings near to St Paul’s Cathedral. These latest transactions have consolidated the area’s credentials as the hub for wealth and asset management occupiers following the earlier arrivals of Rathbones at 8 Finsbury Circus EC2, Investec Asset Management at 55 Gresham Street, EC2 and Fidelity at 4 Cannon Street, EC4. In addition, asset manager ICG is under offer at Ludgate London, EC4 on circa 50,000 sq ft.
JLL has identified further Central London demand from this sector and cited that requirements from these occupiers currently total 730,000 sq ft with more than 20 occupiers understood to be seeking new space. These include Amundi, Western Asset Management and Greenhill Asset Management.
Jeremy Attfield, lead director, Central London markets at JLL, said: “These occupiers represent a significant segment of the financial sector and underscore its continued confidence in and commitment to the City of London, despite current political and economic uncertainty. A number of factors have driven these relocations, including creating the right environment for their staff and business to thrive, organic expansion, increasing use of technology/ growth of online platforms, and simply enabling change within their organisations.
“The evolving City continues to have far reaching appeal to all occupier sectors across Central London. The quality and diversity of product, accessibility, competitive overall outgoings and ever improving F&B offering meets with corporate real estate trends.”
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.