Swiss bank UBS has signed a deal with British Land and Blackstone to stay at Broadgate, safeguarding 5,000 office jobs.
The bank plans to develop its current site at 4 and 6 Broadgate incorporating 70,000 square feet of office space. The two buildings will be demolished making way for the new European head quarters of the firm made up of four trading floors and general offices.
Developer British Land said: “The new building represents a significant commitment by UBS to the City and Broadgate in particular. The development marks another important stage in the ongoing investment programme at Broadgate, which will ensure that it remains the premier City of London office estate, providing modern world-class accommodation for its office, retail and leisure occupiers”.
The development will cost around £340 million excluding land and interest costs and should be completed by the second half of 2014, according to The Telegraph.
The move has allayed fears that the bank was planning to move out of the Broadgate area to a Canary Wharf building.
UBS is now the biggest tenant in Broadgate taking up five buildings and covering over one million square feet of office space.