Deutsche Bank has reaffirmed its commitment to the City, despite saying just weeks ago that it would “inevitably” move jobs to Frankfurt, after Land Securities Group (Landsec) confirmed today that the lease agreement for Deutsche's new London headquarters would go ahead.
Deutsche announced in March it had agreed a pre-let deal with landlord Landsec, as the pair have “worked closely” to design a 564,000 square foot building. By comparison, 20 Fenchurch Street (The Walkie Talkie) has 690,000 square feet of office space while 30 St Mary Axe (The Gherkin) has around 500,000 square feet.
The German bank will retain flexibility over how much space it will occupy, but has committed to take at least 469,000 square feet on a 25-year lease.
“We are delighted that Deutsche Bank chose to build on its existing relationship with us when it was selecting the site for its new London headquarters,” said Colette O'Shea, London managing director of Landsec.
The plot is located at 21 Moorfields, directly above Moorgate Underground station which is being regenerated as part of the Crossrail construction.
The building will also be above the western entrance to the Liverpool Street Crossrail station.
Landsec acquired a long leasehold interest in the 21 Moorfields site in 2012, and obtained planning permission for two buildings totaling 522,000 sq ft on the site in 2016.
Deutsche Bank's building is still waiting for planning permission, but Landsec hopes the project will be completed in November 2021.
In the past, Landsec has helped Deutsche Bnk relocate its asset management and wealth management divisions to The Zig Zag Building in London's SW1 postcode.