Square Mile office market gets boost with Investec letting

Investec on Tuesday became the latest firm to commit to the City of London ahead of Brexit, with the banking group agreeing a deal for a large new office.

Its Investec Asset Management arm will take all 121,600 square feet at 55 Gresham Street when a redevelopment of the Square Mile building completes before the end of the year.

The agreement follows months of negotiations with landlords Angelo Gordon, the investment manager, and property firm Beltane. It will see the business relocate from Woolgate Exchange.

Beltane partner Duncan Roe said: “The deal represents the area’s continued pull for financial occupiers."

The lease will help allay concerns that businesses are freezing office decisions ahead of Britain leaving the bloc.

Property agent JLL, which advised alongside Cushman & Wakefield and Devono, said there was 2.1 million square feet of office space under offer in the City in the first half. That was up from 1.4 million square feet a year earlier.