Vote of confidence? This Japanese bank just signed for a huge new office in the City

 
Emma Haslett
Follow Emma
British Land committed to redeveloping Broadgate in 2016

A Japanese banking giant has given a vote of confidence to the capital by signing for a vast new office space at the redeveloped Broadgate scheme on Liverpool Street.

The European arm of Sumitomo Mitsui will take 161,000 sq ft at 100 Liverpool Street, part of the Broadgate development.

The lender will take the first three floors of the seven-storey building on a 20-year lease.

Developer British Land unveiled plans to redevelop 100 Liverpool Street at the end of 2016. Once it is complete, it will provide 520,000 sq ft of space, with 90,000 sq ft taken up by retail, cafes and bars. Sumitomo Mitsui's signing represents more than a third of the office space available.

The lender will join cyber security company Mimecast, challenger bank Starling Bank and fintech body Innovate Finance as occupiers at the development.

Read more: A record level of investment in London offices came from abroad last year

Record office take-up

Despite fears Brexit uncertainty will lead to a fall in leasing activity, figures published by CBRE in December suggested businesses had signed deals for 1m sq ft of office space in the capital in November, driven by the highest City take-up since 2004.

The figure was pushed up by three City deals over 100,000 sq ft, including a 125,400 sq ft sublet by Lloyds Banking Group at 125 London Wall, while a co-working provider took 117,700 sq ft at One Poultry, and Hyperion Services signed for 115,800 sq ft at One Creechurch Place.

Read more: 2017 was a new record year for investment in City of London property

Related articles