Landsec and Deutsche Bank seal Moorfields deal

Landsec and Deutsche Bank have exchanged a pre-let agreement for the German bank’s new London headquarters at 21 Moorfields in the City of London.

The agreement, which is for a 25-year-lease, is conditional on planning permission.

Landsec has worked with Deutsche Bank on the design of a 564,000 sq ft building. The bank will retain flexibility over the amount of space it will occupy in the new building and has committed to take a minimum of 469,000 sq ft under the deal.

21 Moorfields sits above Moorgate underground station and the western entrance to the Liverpool Street Crossrail station. The building will provide Deutsche Bank with floors offering up to 50,000 sq ft of workspace.

The agreement builds on Landsec’s existing partnership with Deutsche Bank, including the relocation of the bank’s asset management and wealth management divisions to The Zig Zag Building in Victoria.

Landsec acquired a long leasehold interest in the 21 Moorfields site in 2012 and obtained planning permission for two buildings totalling 522,000 sq ft on the site in 2016. It will submit a planning application for the revised scheme later this year, and is targeting practical completion in November 2021.

Colette O’Shea, managing director London at Landsec, said: “We are delighted that Deutsche Bank chose to build on its existing relationship with us when it was selecting the site for its new London headquarters. We are looking forward to continuing our partnership approach and working with Deutsche Bank to meet its design requirements and business needs as we deliver its London headquarters.”

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