Macquarie beats BlackRock to Drapers Gardens offices

AUSTRALIAN bank Macquarie has won the battle to occupy one of the City&rsquo;s most sought-after office developments, Drapers Gardens.<br /><br />Macquarie was locked in a battle with fund manager BlackRock who was also eyeing the space, as City A.M. revealed exclusively last month.<br /><br />The Drapers Garden scheme &ndash; Canary Wharf&rsquo;s only development outside the Docklands &ndash; has done a deal with Macquarie for 21,000sq ft. <br /><br />Macquarie will&nbsp; pay an&nbsp; average &pound;43.50 per square foot on a 15 year lease basis. <br /><br />The bank has also been given&nbsp; a four year rent-free incentive.<br /><br />The price is a sharp decline from&nbsp; the &pound;70 per sq ft that the office development would have fetched at the property peak in 2007.