Hedge Fund Citadel Signs Huge New Lease On City Office
U.S. hedge fund Citadel has signed one of the largest new office leases in London since the beginning of the pandemic at British Land and GIC’s Broadgate scheme.
The company, run by veteran investor Ken Griffin, has signed for 250K SF at the redevelopment of 2 Finsbury Avenue, with the potential to take 130K SF more if it needs extra room.
Citadel has more than doubled its size in Europe since 2019. It has about 700 staff in London, where it occupies 85K SF in Deka’s Moor House, CoStar reported.
2 Finsbury Avenue comprises two towers totalling 750K SF that are part of the 4.5M SF Broadgate scheme. Owners British Land and GIC have been refurbishing some buildings and completely redeveloping others, including 2 Finsbury Avenue, thanks to a £1.5B, 10-year investment plan.
The deal takes the new buildings to 33% pre-let, or 50% pre-let if the expansion option is exercised.
The JV has appointed Sir Robert McAlpine as the main contractor on the scheme, which is due for completion in 2027. Danish firm 3XN is the architect, and JLL and Cushman & Wakefield advise BL and GIC on the leasing. JLL also advises Citadel.
Data for the first quarter is not yet available, but London office leasing finished 2023 strongly. The 3.4M SF leased in Q4 was the most in a quarter since Q3 2019.
