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Approximately 50,000 sq ft at the Blue Fin building in Southwark is currently under offer from banking giant HSBC: 110 Southwark Street is to become home to the new FinTech hub of the global firm, who will be paying £65 per sq ft on an initial term of 10 years.
With alternative locations such as Shoreditch considered, it was finally decided that HSBC would take the large floor in SE1. The space, previously occupied by Time Inc. UK, is the second large deal on the cards this month, after Brands2Life’s acquisition of 11,000 sq ft in the same building; Brands2Life will be paying £60 per sq ft, also on a 10-year term.
Time Inc. UK currently occupies 120,000 sq ft of the 500,000 sq ft building and is consolidating by re-locating staff across four different offices and cutting jobs in London.
Fraser Williams, Director at tenant acquisition specialists Morgan Pryce says: The recent surge of ‘grey space’ coming on to the market shows the change in conditions compared to a year ago. We are coming out of one of the most landlord-friendly markets London has ever seen. However, over the last couple of months there has been a glut of assignments and sublets (what we call ‘grey space’) coming onto the market, which will have an impact on rental levels; and with more space coming onto the market we will soon see a change that will benefit the occupier.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants