Developers Lendlease and LCR has announced the £370million sale of a further 515,000 sq ft of space to Deutsche Bank’s asset management arm at The International Quarter , the £2.3billion development at Stratford.
The Financial Conduct Authority (FCA) building – which is in the early stages of construction – will sit in a prominent position at the gateway to Queen Elizabeth Olympic Park and is anticipated to house around 3,800 FCA employees from 2018.
Dan Labbad, chief executive officer, international operations at Lendlease, said: “We have now announced investment totalling more than £615million in less than a month following the forward sale of 265,000 sq ft of commercial space pre-let to Transport for London.
“This is great news for Stratford and further backing for our plans to build a world-class, healthy and flexible workplace in London’s fourth major business district – which will also bring 25,000 new jobs to the area by 2025.”
James Petit of Deutsche Bank, said: “Buying this building is a great opportunity to invest in one of London’s emerging markets at an early stage and has great potential for strong growth as occupiers are attracted by the diversity and vibrancy of the area.”
The deal comes just days after another forward sale of 265,000 sq ft of commercial space to Legal & General.
In acquiring the Transport for London building, Legal & General will make staged payments over the course of the development period up to a total consideration of circa £245 million.
Gordon Aitchison, of Legal & General Property, said: “It is anticipated that Stratford will benefit from the creation of more than 40,000 new jobs and 11,000 new homes in the coming years.
“Stratford is already one of the busiest transport hubs in the capital and the property forms the first exciting phase of Lendlease and LCR’s International Quarter development which will eventually provide 4million sq ft of office accommodation.”
The 22 acre site – a joint venture between Australian giant Lend Lease and the taxpayer-owned London and Continental Railways (LCR) – will provide 4m square feet of office space, 52,000 sq ft of shops and restaurants and three acres of parkland.
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