EBRD set to launch 350,000 sq ft City search

By James Buckley - Monday, August 07, 2017 15:09

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The European Bank for Reconstruction and Development is set to launch a requirement for around 350,000 sq ft of office space in the City of London, CoStar News can reveal.

The financial institution is expected to instruct BNP Paribas Real Estate to go live with the search after the summer, with a focus on core City locations as well as Canary Wharf.

EBRD appointed BNP PRE last summer to undertake a review of its occupational needs in London in a move which was widely considered a precursor to a larger scale requirement.

EBRD will look for roughly the same amount of space it currently occupies in One Exchange Square, EC2, where it has a lease expiry at the end of 2022.

Since the Brexit vote last June the EBRD has wrongly been linked with relocating its London headquarters away from the capital to mainland Europe. However the company says there will be no implications for its London office, regardless of the outcome of Brexit negotiations.

Anthony Williams, EBRD’s head of external relations, told CoStar News: “The EBRD is not an EU institution – it is an international institution with 68 shareholders. Its biggest individual shareholder is the United States. A move of the EBRD’s headquarters away from London is not on the agenda and is not being discussed.”

The EBRD was set up in 1991 during the dissolution of the Soviet Union by representatives of 40 nations from three continents and two European institutions, the European Investment Bank and the EEC, now EU.  

jbuckley@costar.co.uk

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