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PwC is to take the whole of Hermes and Canada Pension Plan Investment Board’s 150K SF One Chamberlain Square after signing up for the remaining 60K SF.
The deal comes after a March 2016 agreement to take 90K SF at the block.
As well as relocating its existing 1,400-strong Birmingham team from Cornwall Court in summer 2019, the additional space has the potential to house 1,000 more people as PwC grows across the Midlands.
The second building at the wider 1.8M SF Paradise development, Two Chamberlain Square, is under construction and due to complete before the end of 2019. Designed by Glenn Howells Architects, Two Chamberlain Square is 183K SF.
A planning application for the first major office building in Phase 2, the 290K SF, 13-storey One Centenary Way, will follow shortly.
PwC was advised by CBRE and Squire Patton Boggs, with Paradise Birmingham (Hermes Paradise Circus Limited Partnership) represented by GVA and Berwin Leighton Paisner.
The Paradise redevelopment is promoted by a private-public joint venture with Birmingham City Council. The private sector funding is being managed by Hermes Investment Management, which has partnered with Canada Pension Plan Investment Board on the first phase of the development. Argent is the development manager.
Midlands Regional Chair of PwC Matthew Hammond said: “This is a significant move for PwC and one of the largest regional investments we have ever made in the UK”.
Regional Director at Argent Rob Groves said: “This is a huge vote of confidence not only in Paradise and the environment we are creating, but in Birmingham and the region. The news that PwC will ultimately be bringing over 2,300 staff in good time to One Chamberlain Square creates huge momentum behind everything we are doing here and the on-going work to place Birmingham as one of Europe’s top locations for business.”
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