A joint venture between British Land and the Blackstone Group will see 700,000 square feet of trading rooms and office space built on the Broadgate Estate in the heart of London’s financial district.
Many of the world’s most prominent banking and wealth management companies are already operating from office space in the City of London, and the financial services giant UBS has committed to occupying the planned development from 2014.
“We are delighted at this significant commitment by UBS to the City and Broadgate in particular,” said British Land’s chief executive, Chris Grigg.
“The transaction demonstrates the enduring appeal of this important City of London office estate. At the same time, the new building will enhance the overall quality of Broadgate while generating an attractive development return.”
Planning approval needs to be officially granted before the proposed redevelopment of 4 and 6 Broadgate can go ahead, but bosses at the Blackstone Group are confident that their plans will see 5,000 employees retained in “high-quality” London office space.
Broadgate is among the foremost areas of rented office space in the City of London, with several million square feet already in use.
Last week, the commercial property company Evans Randall told Bloomberg that investments in central London are becoming increasingly attractive as demand for prime office space to rent in London continues to recover after the worst of the economic downturn.
Editor’s notes: Described as London’s biggest ‘groundscraper’ due to its relatively small number of floors (12) yet providing 700,000 square feet of office space, the newly named 5 Broadgate was certified as ‘Excellent’ by BREEAM when it was completed in 2015.
The building provides 3,000 desks, 7 floors of office space and trading facilities, client and staff facilities, a restaurant, a gym, retail space, a newsagent, a dry cleaner, a concierge service, cycle storage, showering facilities, and a wellness centre.
The building was a Structural Awards winner in 2016 in the ‘Sustainability’ category and was shortlisted for Best Corporate Workplace in London in the 2017 British Council for Offices awards.
5 Broadgate was purchased by Hong Kong-based CK Asset Holdings Limited in June 2018 for £1 billion. The purchaser used funds from the sale of The Center skyscraper office building in Hong Kong.
In March 2022, CK Asset Holdings Limited sold the building to the National Pension Service of Korea and LaSalle Investment Management for approximately £1.2 billion. The deal was the most expensive non-skyscraper commercial real estate transaction ever in London.
Research conducted in June 2026 found that British Land had announced plans to redevelop the Broadgate Tower, including a three-storey extension and a roof terrace, with the project expected to complete in late 2026.
It was also found that, in November 2025, business consultancy FTI had signed a pre-let agreement committing them to rent 102,000 square feet over three floors at One Exchange Square within the Broadgate Campus.
The redevelopment of the 430,000-square-foot One Exchange Square was scheduled for completion in 2026, and FTI planned to move its UK head office into the net-zero carbon building in September 2028.
In February 2026, global law firm Herbert Smith Freehills Kramer (HSFK) signed a pre-let agreement with British Land at 1 Appold Street within the Broadgate estate.
HSFK signed a 21-year lease for 238,000 square feet, with an option to expand to up to 360,000 square feet.
The development of 1 Appold Street was expected to be completed in Q1 2029.
In June 2026, at circa 4,700,000 square feet, the Brodgate Estate comprised 6 per cent of the total City of London office space, with other high-profile occupiers that included Allianz Global Investors, Hitachi Vantara, JLL, Monzo, and Sumitomo Mitsui Banking Corporation (SMBC).