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Insurance and pension fund giant Legal & General is in advanced talks to move its headquarters to the largest office scheme completing in London this year, one of two occupiers on the move in the City of London.
L&G is set to take about 130K SF at Woolgate, close to its 180K SF HQ at One Coleman Street in the City, EG reported. It had been on the hunt for a new building since 2022 but downsized its requirement slightly from 150K SF.
The City of London saw a jump in leasing levels in the fourth quarter, alongside other core London office markets. Take-up totaled 1.2M SF in Q4, according to CBRE data, 23% above the long-term average.
Woolgate is the name of the refurbished 350K SF Woolgate Exchange building a few hundred yards away from One Coleman Street. The building is owned by Cathay Life, which paid £320M for it in 2014, and the refurbishment is being managed by Stanhope.
Also on the move in London is ratings agency Moody’s, which is leaving its home at Canary Wharf.
Moody’s is leaving One Canada Square, owned by Canary Wharf Group, and taking space at 10 Gresham Street in the City, The Financial Times reported. The FT did not report the size of the space being taken, but Moody’s occupies about 170K SF at One Canada Square, paying £45.50 per SF in a lease that has a break in 2026.
The Malaysian pension fund KWAP owns 10 Gresham Street. CBRE Investment Management is overseeing the refurbishment of the 145K SF building.
The moves come as the leases of many big financial and professional firms are coming to an end. Some are choosing to relocate to the City, while others are sticking to their current location. Those leaving include HSBC, Clifford Chance and Moody’s, while Barclays, Citi and Morgan Stanely are staying put.
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