Umazon Blog

British Land ranks second amongst the largest real estate investment trusts in the UK. The company owns a large amount of commercial place in the Ropemaker Place in London and has leased approximately 217,000 square feet of commercial space to Macquarie Group - Australia’s biggest bank in terms of investment.

Andrew Hunt heads the European affairs for the Macquarie Group made an announcement stating that about a thousand employees from the UK will be working out of the Ropemaker Place. Though he did not mention the cost or duration of the lease the public is aware of the fact that their present lease at Citipoint towers is due for renewal next year.

Currently the city is facing an issue with lack of London rent a desk availability and hence there is a lot of speculation about the rent amount being shelled out for this prime location. There is scarcity of commercial property and any not many properties over 200,000 sq. ft are available. This is not the only issue; only 25 new commercial building are scheduled to be ready by the end of 2012.

Macquarie was looking at leasing office space in Drapers Garden sometime in October last year; however BlackRock Inc. leased the entire building early this month.

Ropemaker Place has 586,000 sq. ft of commercial space. Chris Grigg, the Chief Executive Officer of British Land stated that just 20% of the commercial space of Ropemaker Place is left to be leased. Bank of Toyota-Mitsubishi UFJ Ltd. and Mitsubishi UFJ Securities along with Macquarie Group have leased 80% of the building.

3500 employees of Nomura Holding moved from Canary Wharf District to Watermark Palace last year.