CBRE Advises Bank of China on £86 Million New HQ
London, 26 November 2009 – CB Richard Ellis (CBRE) today advised the Bank of China on the long lease hold purchase of One Lothbury, EC2 for £86 million from the Roche family.
Located over ten floors, the development which was finished in September 2009, is a new build behind the existing Portland stone façade and provides 117,500 sq ft of prestigious offices in the heart of the City next to the Bank of England.
The Bank of China will fit-out the space before occupying the building early next year. The Bank of China will continue to hold its existing building in Cannon Street, where it owns the freehold. The bank is keen to increase its wholesale and retail business in the UK as the ‘bank of choice’ for corporate and personal customers with interests in China. The building will become the banks new headquarters.
Stephen Pearson, Senior Director, CB Richard Ellis, said: “This is a significant deal for the City office market this year. Combined with other recent large transactions it is a sign that there is regained confidence in the market from overseas investors and the deal particularly signifies the growing importance of China-based companies in the London economy.”
Dan Roberts, Senior Director, CB Richard Ellis, said: “The transaction involved many different parties within CBRE, including our Irish and China desks. Richard Zhang on the China desk has developed some great relationships in this market and a significant deal like this will alert many Chinese companies and banks to the benefits of doing such deals in London.”