British Land : Sumitomo Mitsui Banking Corporation signs for 160,000 sq ft at Broadgate

13 Feb 2018

British Land has signed an agreement for lease with Sumitomo Mitsui Banking Corporation Europe Limited ('SMBCE') for 161,000 sq ft at the 100 Liverpool Street redevelopment at Broadgate. SMBCE, a subsidiary of Sumitomo Mitsui Banking Corporation, one of Japan's leading banks, will take the first three floors of the building on a 20 year lease.

British Land committed to the 520,000 sq ft speculative redevelopment of 100 Liverpool Street at the end of 2016, recognising the building's potential appeal to a diverse range of occupiers looking for high quality, yet flexible, office space within the unique, vibrant Broadgate campus environment.

Located at the gateway to the campus and adjacent to Liverpool Street's Elizabeth Line station entrance, this redevelopment transforms Broadgate's interaction with one of London's busiest transport hubs. 90,000 sq ft of the building will be dedicated to retail, restaurants, cafés and bars which, together with other current developments, will double the retail offer at Broadgate by 2020. The redevelopment is a major milestone in Broadgate's evolution into a world class, mixed-use destination for London.

SMBCE's letting represents 37% of 100 Liverpool Street's office space. The remaining 5 upper floors range from 20,000 to 60,000 sq ft, each with terraces of up to 10,000 sq ft with views across London.

Tim Roberts, Head of Offices, British Land said: 'SMBCE's decision to invest in Broadgate for the long term is not only a strong endorsement of London as a global city which remains attractive to international organisations as a place to do business, but of the wider campus and 100 Liverpool Street.

'This building will be a new benchmark for London offices. With its innovative design, high quality office space and significant retail and food & beverage offer, as well as being the smartest, best connected building in London, 100 Liverpool Street will be instrumental in Broadgate's evolution into a world class, seven day a week destination. The building is an excellent example of how we add value through investing in our existing buildings and the spaces between them.'

This letting to SMBCE is the most recent in a series of commitments from across a range of occupiers at Broadgate, including cyber security and data management company Mimecast, which is taking 79,000 sq ft at 1 FA (currently undergoing a major refurbishment). At 2FA, a hub of smaller, innovative businesses, attracted to the Broadgate offer and its proximity to the tech, creative and financial neighbourhoods of Old Street, Shoreditch and the City, is developing. British Land's Storey flexible workspace brand is proving popular at 2FA, and Starling Bank and Innovate Finance have also recently taken space in the building.

For further details on Broadgate, visit www.broadgate.co.uk.

About British Land

Our portfolio of high quality UK commercial property is focused on Retail around the UK and London Offices. We own or manage a portfolio valued at £18.1 billion (British Land share: £13.5 billion) as at 30 September 2017 making us one of Europe's largest listed real estate investment companies.

Our strategy is to provide places which meet the needs of our customers and respond to changing lifestyles - Places People Prefer. We do this by creating great environments both inside and outside our buildings and use our scale and placemaking skills to enhance and enliven them. This expands their appeal to a broader range of occupiers, creating enduring demand and driving sustainable, long term performance.

Our Retail portfolio is focused on Regional and Local multi-let centres, and accounts for 49% of our portfolio. Our Offices portfolio comprises three office-led campuses in central London as well as high quality standalone buildings and accounts for 49% of our portfolio. Increasingly our focus is on providing a mix of uses and this is most evident at Canada Water, our 46 acre redevelopment opportunity where we have plans to create a new neighbourhood for London.

Sustainability is embedded throughout our business. Our places, which are designed to meet high sustainability standards, become part of local communities, provide opportunities for skills development and employment and promote wellbeing. Our industry-leading sustainability performance led to British Land being awarded a five star rating in the 2017 Global Real Estate Sustainability Benchmark for the second year running.

In April 2016 British Land received the Queen's Award for Enterprise: Sustainable Development, the UK's highest accolade for business success for economic, social and environmental achievements over a period of five years.

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