George Osborne Reveals Groundbreaking UBS Headquarter Plans in Broadgate, City of London
Yesterday, George Osborne, Chancellor of the Exchequer, revealed groundbreaking plans for the financial and banking group, UBS, to make 5 Broadgate their new London headquarters.
“The new site, in the heart of the City, signals the confidence placed in London as the world’s leading financial centre” Said Mr Osborne.
Construction of the Broadgate site is predicted to take up to three years and cost £850million. The business centre will provide 700,000sqft of Grade A office space within a 12-storey building, which will also contain four open trading floors and bespoke, custom built space for UBS.
The Swiss bank has signed a contract to rent the entire 700,000sqft of office space at Broadgate on a 18-year lease, paying a headline rate of £54.50 per square foot – the highest rate ever seen in the City of London.
The completion date is set for 2014, just in time to benefit from the new Crossrail system at Liverpool Street. Construction of the UBS headquarters is also thought to protect up to 7,000 jobs in the City, and create over 5,000 new positions within the building and construction sector.
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