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British Land and Blackstone agree lease for London complex with UBS

Published: 08:35 02 Aug 2010 BST

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The new co-owners of the Broadgate office complex in the heart of the City have this morning unveiled their first major development project.

British Land (LON:BLND) and its private equity partner Blackstone are about to pull the trigger on a £340 million bespoke trading floor and offices for UBS.

Their joint venture Bluebutton Properties has agreed leases with UBS AG to develop a new 700,000 sq ft building on the Broadgate Estate.  It is a huge commitment for both the developers and the Swiss banking giant, which has been mauled by the financial crisis.

Struggling for funds, British Land sold a 50 per cent of Broadgate to Blackstone last year for £1 billion.

The pair run the landmark office and retail site next to London’s Liverpool Street Station through a company called Bluebutton.

 ‘We are also excited to have the chance to make a substantial investment in a project that will rejuvenate Broadgate and retain 5,000 employees in the City of London by ensuring a high quality work environment,’ said Blackstone’s Chad Pike.

The shell and core of the new building should be completed in the first half of 2014.

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