UK Markets open in 6 hrs 25 mins

British Land secures major pre-let, as property agent JLL commits to new London office

Joanna Bourke
·1-min read
British Land is creating new offices at 1 Broadgate (british land)
British Land is creating new offices at 1 Broadgate (british land)

Landlord British Land has agreed a major City office pre-let to property agent JLL, as firms look beyond the Covid-19 crisis at future workspace plans.

The FTSE 100 property developer said JLL has signed a deal for 134,000 square feet for a new flagship UK office at 1 Broadgate.

The tenant is taking three floors on a 15-year lease and will take occupation in 2026. 

Commitment to the deal will be welcome amid much debate around the pros of cons of offices, following a year of working from home for many. A number of companies are expected to embrace more flexible working.

WATCH: Top tips for helping the environment on a tight budget

Simon Carter, chief executive of British Land said: "The move is a real vote of confidence in London.”

British Land said the building, which totals 546,000 square feet, will be the most energy efficient development it has ever delivered.

Stephanie Hyde, UK and Ireland chief executive at JLL, said: "Throughout this unprecedented time we have worked closely with clients and our own people to develop and evolve workplace strategies. 1 Broadgate will be central to our plan as we recognise the importance that offices play in collaboration, innovation and fostering culture and wellbeing.”

JLL added that it will retain a “meaningful base” in the West End from 2026 to allow colleagues to work around clients’ needs.

WATCH: How to prevent getting into debt

Read More

London offices: Why they look attractive to a number of property investors, despite flexible working future

£45bn of global equity is targeting the London office market, as investors look beyond WFH year

The future is flexible: After WFH year, firms look at the role offices will play when lockdowns ease