Wealth and asset managers commit to
St Paul's hub
Earlier this year close to 300,000 sq ft of new office space was acquired by wealth and asset managers within the City Core within a five-week period
Numis, Bewin Dolphin and Quilter all agreed pre-leases, at Gresham St Paul's, 25 Cannon Street, and Senator, EC4 respectively, in new repositioned buildings near to St Paul’s Cathedral.
These latest transactions along with current active requirements have consolidated the area’s credentials as the hub for wealth and asset management occupiers following earlier arrivals.
Gresham St Paul's, EC2
Moved from: 10 Paternoster Square
Size: 49,654 sq ft
Rent: £79.84 per sq ft (blended)
Investment bank Numis has taken the top three floors of new City of London office building Gresham St Paul’s. Signing a 15-year lease, and achieving £85 per sq ft for the top floor and £75 per sq ft for the lower two floors.
150 Cheapside, EC2
Moving from: NA
Size: 56,715 sq ft
Rent: £65-£66.50 per sq ft
JLL was instructed to carry out a strategic review of Stifel’s occupational needs in London. This resulted in a re-gear and acquisition of 56,715 sq ft at 150 Cheapside (re-gear 43,271 sq ft and acquire an additional 13,443 sq ft).
55 Gresham Street, EC2
Investec Asset Management
Moved from: Woolgate Exchange, EC2
Size: 122,000 sq ft
Rent: £65.91 per sq ft
Acting on behalf of Beltane and Angelo Gordon, JLL advised on the off-market sale of 55 Gresham Street to a US family office investor for circa £180 million. Following advising on the acquisition in 2014, JLL advised on the letting of the property to Investec Asset Management for a 15-year term without a break.
25 Cannon St, EC4
Moving from: 12 Smithfield Street, EC1
Size: 116,000 sq ft
Brewin Dolphin, advised by JLL and law firm Eversheds Sutherland, signed a 15-year lease at the five-storey, neo classical office building, which overlooks St Paul’s Cathedral. The business expects to move into the premises in July 2022, after a period of refurbishment.
4 Cannon Street, EC4
Moving from: 25 Cannon Street, EC4
Size: 106,000 sq ft
Fidelity International is expected to move its 800 London staff to new premises at 4 Cannon Street this summer after signing a lease two years in advance of the buildings completion.
Brewin Dolphin will take over their previous space at 25 Cannon Street.
Moved from: Millennium Bridge House, EC4
Size: 94,000 sq ft
Rent: £69.50 per sq ft
Senator House, at 85 Queen Victoria Street, underwent an extensive refurbishment in advance of Quilter moving into the four upper floors of the building. They relocate from Millennium Bridge House and their new space features a new 5,700 sq ft terrace on the seventh floor.
Smith & Williamson
40 Gresham St, EC2
Moved from: 25 Moorgate, EC2
Size sq ft: 87,000 sq ft
Rent: £68 per sq ft
In the summer of 2020 Smith & Williamson will relocate from its current office in Moorgate to a new refurbished space to offer greater flexibility and effective collaborative spaces for staff.
8 Finsbury Circus, EC2
Moved from: 1 Curzon Street, W1
Size: 74,000 sq ft
Rent: £70 per sq ft
The company moved from its Mayfair HQ to Finsbury Circus in early 2017, expanding from 44,000 sq ft to 74,000 sq ft to support longer term growth plans.
We have identified further central London demand from this sector and understand 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, JP Morgan, Capital Group and Aberdeen Standard Investments and it is likely that a number of them will gravitate towards the St Paul’s cluster to benefit from both the proximity to their peers and the excellent amenities that the location offers. AXA Investment Managers is also relocating its two London office locations (7 Newgate Street and 155 Bishopsgate) to Twentytwo, a new London workplace development at 22 Bishopsgate to take advantage of Europe's first 'vertical village'.
Wealth and asset managers 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. These relocations are being driven by a number of factors including the need of modern occupiers to create 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.
These occupiers represent a significant segment of the financial sector and underscore its continued confidence in and commitment to the City of London. 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 and simply enabling change within their organisations.
The quality and diversity of product, accessibility, and ever improving food & beverage offering means the evolving city continues to appeal to all occupier sectors.”
Jeremy Attfield, Lead Director, Central London Markets