Sumitomo Mitsui signs lease for three floors at British Land's Broadgate development

British Land said on Tuesday that Sumitomo Mitsui Banking Corporation Europe - a subsidiary of Japan's Sumitomo Mitsui Banking Corp - has signed a 20-year lease for the first three floors of the Liverpool Street redevelopment at Broadgate.

Sumitomo will take up 161,000 square feet, which represents 37% of the office space at the development. The remaining five upper floors range from 20,000 to 60,000 sq ft, each with terraces of up to 10,000 sq ft.

Tim Roberts, head of Office at British Land, said: "SMBCE’s decision to invest in Broadgate for the long term is not only a strong endorsement of London as a global city which remains attractive to international organisations as a place to do business, but of the wider campus and 100 Liverpool Street.

"This building will be a new benchmark for London offices. With its innovative design, high quality office space and significant retail and food & beverage offer, as well as being the smartest, best connected building in London, 100 Liverpool Street will be instrumental in Broadgate’s evolution into a world class, seven day a week destination. The building is an excellent example of how we add value through investing in our existing buildings and the spaces between them."

At 1000 GMT, the shares were up 0.9% to 641p.