Rabobank shortlists three for 110,000 sq ft London HQ

Rabobank International, the Dutch multinational banking and financial services firm headquartered in Utrecht, has narrowed its search down to two options in the City and one in Canary Wharf for between 100,000 sq ft and 110,000 sq ft.

They are Topland’s 33 King William Street, EC4, and Brookfield Office Properties and Oxford Properties’ London Wall Place, EC2 – both in the City, and Canary Wharf Group’s 25 Churchill Place in Docklands, E14.

Rabobank instructed DTZ at the start of the year to look for options in the City and Docklands ahead of a December 2017 lease break at its current HQ at Thames Court, 1 Queenhithe, EC4, one of the oldest branches in the Rabobank International network. Thames Court is nearly 20 years old and Rabobank is at the point of outgrowing its infrastructure which, together with the upcoming lease break, prompted the firm to test the market for relocation options.

It is thought that Rabobank will look to be in detailed negotiations on its preferred option around the end of the year, or early 2014, and begin fitting out the building during the second or third quarter of 2016.

Topland’s prime City site, 33 King William Street, has planning consent for a 220,000 sq ft office redevelopment, having won planning consent in June. The development will occupy an island site and comprise around 220,000 sq ft of highly specified office space providing floor plates of circa 23,000 sq ft. Last week it emerged that the building was to be put up for sale after the SPV that owns it went into administration.

Brookfield and Oxford Properties appointment GM Real Estate and Jones Lang LaSalle as joint leasing agents on the 500,000 sq ft twin building London Wall Place scheme at the start of the year, which is also entertaining interest from M&G.

Half of Canary Wharf Group’s 500,000 sq ft 25 Churchill Place remains available to let following a 250,000 sq ft deal to the European Medicines Agency.

Rabobank International is Rabobank Group’s international banking business that focuses on the international wholesale and retail banking sectors. Rabobank International’s activities are divided into regions: Europe (excluding the Netherlands), the Netherlands, North and South America, Australia and New Zealand and Asia. There are also globally managed divisions including Global Financial Markets, Direct Banking and Trade & Commodity Finance. Rabobank International also has private equity stakes and stakes in foreign banks.

Canary Wharf Group is advised by CBRE and Jones Lang LaSalle. CBRE and JLL are the leasing agents on 33 King William Street.

All parties declined to comment.


Source:James Buckley, CoStar News