Brookfield Office Properties has exercised an option to take on a development site with space for 500,000 sq ft of offices in the City of London.

The New York-listed office giant has exercised an option to take on the St Alphage development site on London Wall from the Corporation of London.

The site was previously called London Wall Place under a previous development option the corporation had with Hammerson.

Earlier this month Brookfield agreed a deal with Hammerson to buy £520m of it’s London office assets, including 99 Bishopsgate and the Principal Place development site.

Hammerson had an option to develop London Wall Place which expired at the end of this month, but Brookfield did not buy this as part of the wider deal to keep the larger transaction as simple as possible.

There is currently planning consent to build 500,000 sq ft of offices on the site across two buildings, the larger being 300,000 sq ft.

A City of London Corporation spokesman said: “The City of London Corporation can confirm that it has agreed a transfer of Hammerson’s
option agreement on the development site at London Wall Place to Brookfield Office Properties (Brookfield) and that Brookfield has now exercised this option.”