L&G nears deal for new London HQ

Legal & General is closing in on a new London headquarters. The financial services group is nearing a deal to take space in Stanhope and Woolgate Exchange Unit Trust’s Woolgate Exchange, EC2, where it would occupy 130,000-140,000 sq ft. Although the deal has not been finalised, sources familiar with the deal told EG that lawyers have been instructed. Rents in the building are expected to average £85 per sq ft. The company appointed JLL to help it downsize to 150,000 sq ft in the City core submarket, as it is approaching a lease expiry on its 200,000 sq ft at One Coleman Street, EC2. Stanhope and Woolgate Exchange Unit Trust were given the green light for their ESG-focused refurbishment of the former Woolgate Exchange in January 2023. The new site, which will be known as Woolgate, will offer nine storeys of sustainable workspace. The Stiff + Trevillion-designed scheme will also feature around 20,000 sq ft of terraces, including a 1,500 sq ft rooftop pavilion with panoramic views of St Paul’s Cathedral and the City. It is expected to complete in the fourth quarter of this year. A spokesperson for L&G said: “L&G, like many companies, is considering how it best manages its offices in the long-term. This is in light of broader commitments, including L&G’s commitment to have a net zero estate by 2030, as well as our focus on employee health and wellbeing, and the new ways of working we’ve implemented post-pandemic. We are exploring all the opportunities in London that can meet those requirements.” Stanhope declined to comment. Image © Stiff + Trevillion/Stanhope