Stanhope and the Woolgate Exchange Unit Trust are closing in on full occupancy of their redevelopment of Woolgate in the City of London with two transactions totalling around 90,000 square feet, CoStar News understands.
Last month the pair confirmed that Legal & General had signed a 15-year lease to occupy 60% of the building, a deal that will see the financial services giant relocate its headquarters from One Coleman Street. L&G will take a total of 190,000 square feet on levels 4 to 8, with a dedicated entrance and reception area off Coleman Street.
CoStar News can reveal that Swedish bank Handelsbanken is now under offer to take a floor of around 45,000 square feet and global quantitative trading firm Susquehanna is in talks to take a similar amount. The deals would mean there is around 46,000 square feet left to lease.
Handelsbanken is at 3 Thomas More Square while Susquehanna is at 110 Bishopsgate, the Salesforce Tower.
The refurbished building will provide a total of 320,000 square feet of offices, as well as 8,000 square feet of space for food and beverage operators, and ground floor public realm on Basinghall Street and Coleman Street. The landscaped outdoor spaces will provide urban greening, biodiversity and public realm for the occupiers and the local community.
Woolgate is set to be net zero in construction and is on track to achieve its targets of 4.5-star NABERS rating and BREEAM Excellent certification.
Cathay Life Insurance Company bought the 351,263-square-feet office at Woolgate Exchange from TPG Capital, which had a circa 5% stake and Ivanhoé Cambridge (a circa 95% stake) in 2014 for £320 million, reflecting a net initial yield of 5.1%. Stanhope was enlisted to oversee a Stiff + Trevillion revamp in 2020.
Savills and JLL act on behalf of Stanhope and WEUT.
Stanhope, Savills and JLL declined to comment.