views

First look at Nomura's new office

THE first photographs from inside Nomura&rsquo;s new Thames side office, Watermark Place, were released yesterday, just under a year after City A.M. exclusively revealed the Japanese bank was returning to the City.<br /><br />Nomura, which decided to ditch Canary Wharf in July, will move its 3,600 employees &ndash; as well as 2,000 former Lehman Brothers workers.<br /><br />The 5,000 or so staff will move into the 12 storey, 600,000 sq ft riverside development next year, leaving the former Lehman Brothers building in Canary Wharf empty. <br /><br />Nomura moved into Lehman&rsquo;s Canary Wharf office after the bank collapsed last year, sparking an internal debate over whether to situate the bank in Docklands or the City. <br /><br />But Nomura favoured a move closer to its 1 St Martins Le Grand Nomura House office near St Pauls, which it has occupied since its British launch in 1985. <br /><br />Due to depressed commercial property values, the bank will be paying an initial rent of around &pound;40 per sq ft on a 20 year lease &ndash; significantly lower than the &pound;70 per sq ft the property would have fetched in boom times.<br /><br />And Nomura also won a six year rental holiday, meaning it will not pay any rent until 2015.