Japanese Banking Giant Signed For a New Office in London

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By Exey Panteleev (Flickr: London) [CC BY 2.0] via Wikimedia Commons

A banking giant from Japan has signified a vote of confidence to the capital by signing up for a huge new office space at the improved Broadgate scheme on Liverpool Street.

Sumitomo Mitsui’s European arm will occupy around 161,000 sq ft at 100 Liverpool Street. It is part of the Broadgate development.

The Japanese lender will occupy the first three floors of the seven-story building. It signed up for a lease that will last for a period of 20 years.

At the end of 2016, British Land, the developer, revealed the plans to redevelop 100 Liverpool Street. Once the plan is completed, it will accommodate 520,000 sq ft of space, with around 90,000 sq ft taken up by cafes, bars, and retail. The signing of Sumitomo Mitsui represents over a third of the office spaces that are available.

The lender will join Mimecast, a cybersecurity company, Starling Bank,  challenger bank, and Innovate Finance, a fintech body, as some of the occupiers at the said development.

Despite concerns that the uncertainty regarding Brexit will result in a decline in leasing activity, the figures that are published by CBRE last December implied that businesses had still signed deals for 1m sq ft of office space that are located in the capital last November. It was prompted by the highest take-up in the City after approximately 14 years.

The numbers were pushed up by three deals in the City more than 100,000 sq ft, including the 125,400 sq ft sublease that was signed by Lloyds Banking Group at 125 London Wall. One co-working provider is set to also occupy 117,700 sq ft at One Poultry, and Hyperion Services signed up for a 115,800 sq ft at One Creechurch Place.