Land Securities exchanges pre-let agreement with Deutsche Bank

Land Securities and Deutsche Bank exchanged a pre-let agreement for the bank's new London headquarters at 21 Moorfields, EC2 on a 25-year lease, the companies announced on Tuesday, with the agreement conditional on planning permission.

The FTSE 100 company said it worked “closely” with Deutsche Bank on the design of a 564,000 sq ft building.

It said the bank would retain flexibility over the amount of space it will occupy in the new building and has committed to take a minimum of 469,000 sq ft under the deal.

Landsec said 21 Moorfields is situated directly above Moorgate underground station and the western entrance to the Liverpool Street Crossrail station.

The building would provide Deutsche Bank with floors offering up to 50,000 sq ft of workspace, supported by a highly resilient and flexible services infrastructure, it added.

“We are delighted that Deutsche Bank chose to build on its existing relationship with us when it was selecting the site for its new London headquarters,” said Landsec’s London managing director Colette O'Shea.

“We are looking forward to continuing our partnership approach and working with Deutsche Bank to meet its design requirements and business needs as we deliver its London headquarters.”

The agreement was building on Landsec's existing partnership with Deutsche Bank, including the relocation of the bank's Asset Management and Wealth Management divisions to The Zig Zag Building in London SW1.

Landsec acquired a long leasehold interest in the 21 Moorfields site in 2012, and obtained planning permission for two buildings totalling 522,000 sq ft on the site in 2016.

It said it would submit a planning application for the revised scheme later this year, and was targeting practical completion in November 2021.