Rapidly expanding US hedge fund Citadel is in talks to take a 250,000-square-foot-plus headquarters at British Land's 2 Finsbury Avenue in the City of London, CoStar News can reveal.
The requirement, launched by JLL on behalf of the US company last year, would be the first prelet at the 900,000-square-foot tower and a major commitment to the project and the capital. BL is on site with ground works for the major development.
Citadel, which decamped from long-term US home Chicago to Miami in 2022, has its London office in Deka's Moor House at 120 London Wall where it occupies around 85,000 square feet.
In October 2022, Bloomberg reported that Citadel and market-maker Citadel Securities had doubled their combined headcount in Europe to roughly 750 since the start of 2019. It said that London, with about 700 staff, remains Citadel's biggest European hub but its centres in Dublin and Zurich are expanding and its office in Paris is actively searching for new talent.
British Land and Singapore's GIC gained consent from the City of London Corporation for their proposed 38-storey office-led development at 2 Finsbury Avenue in 2021.
The scheme, which is designed by Danish firm 3XN, includes flexible and adaptable workspace suitable for a range of occupiers, from incubators and startups to midsize business. An "open learning hub" will be provided for local communities to access the City’s knowledge and expertise through formal learning programmes, informal networks and talks from institutional providers.
The scheme is targeting a BREEAM rating of "Outstanding" through high sustainability standards including the adoption of circular economy and whole life carbon principles. The design has been assessed by the City’s new Thermal Comfort Index.
The development at 2 Finsbury Avenue offers 893,000 square feet of offices, more than 7,500 square feet of retail and more than 22,604 square feet of learning space.
British Land is investing £1.5 billion over 10 years to transform Broadgate into a world-class, mixed-use destination for London.
Deka bought the 326,500-square-foot Moor House office and ground floor retail from Hammerson and Pearl Assurance for £229,800,000, reflecting a net initial yield of 6.5%, in 2008.
British Land declined to comment. JLL and Citadel did nor respond to requests for comment at time of publication.
JLL is advising Citadel. Cushman & Wakefield and JLL advise British Land and GIC.