Deutsche Bank set for Moorfields HQ move

Deutsche Bank is in discussions to prelet Land Securities’ 21 Moorfields for its new City of London headquarters. The decision will be welcome news for the City and defies fears that financial institutions and banks will leave the capital after Brexit. The bank, Germany’s biggest, is in negotiations to let the 500,000 sq ft office building, which is currently being constructed above Moorgate tube station, ahead of a lease expiry at its current London HQ in 2023. It is set to sign a 25-year lease and move from Winchester House and consolidate several other offices in London. In a memo to staff, Garth Ritchie, UK chief executive of Deutsche Bank, said: “The move underlines the bank’s commitment to the City of London and the importance it attaches to being an employer of choice in the capital.” “It will advance the bank’s strategic goals of increasing efficiency, reducing complexity and strengthening links between the business divisions and infrastructure functions.” Land Securities said in a statement: “Land Securities is in discussions with Deutsche Bank regarding a pre-let for the development which would require alterations to the design of the building above ground. These negotiations will take several months and there is no guarantee they will lead to a transaction.” Land Securities will shortly complete demolition of the existing buildings and set about the piling and construction of an above station raft. Construction of the raft is due to be completed by June 2018.