EY has agreed heads of terms to relocate to Birmingham's Three Chamberlain Square.
The deal, first revealed by CoStar News in November, is part of the 'Big Four' accountant's continued investment in the city and the wider region.
Three Chamberlain Square, which is part of MEPC's Paradise Birmingham development, will house EY across its top three floors, totalling around 70,000 square feet.
The move, set to happen next year, is being timed to coincide with the end of EY’s current lease at One Colmore Square, where it has been based for the last 20 years.
The professional services firm employs more than 1,200 people in Birmingham, including 55 partners. EY has confirmed that it has the potential to take more space in the building depending on its growth.
Three Chamberlain Square is a 10-storey, 189,000-square-foot Grade A office building and is close to both New Street and Snow Hill train stations. EY is the first signing by MEPC at the property.
The building, which is due to complete this summer, has achieved a BREEAM 'Outstanding' and NABERS 5* rating at design stage accreditations, supporting EY’s sustainability goals.
Simon O’Neill, office managing partner at EY in the Midlands, said in a statement: "With a growing business of over 1,200 people and Partners based in Birmingham and strong levels of demand from our clients, the investment in a new office reflects our commitment to maintaining a prominent and lasting presence in the region.
"The new office will provide a high spec, working environment for our teams, in a low carbon building with great transport links."
Ross Fittall, commercial development director at Paradise asset and development manager MEPC, added: "As the first commercial letting for this landmark new building, EY’s move is yet another vote of confidence in Paradise and we’re looking forward to seeing a further 1,200 staff on site and enjoying all the estate has to offer."
The deal marks a positive start to the New Year for Birmingham city centre offices, having recorded its highest take-up volumes since 2017 last year, read here.
Around 843,000 square feet of deals transacted last year, comfortably beating the five-year take-up average of 671,000 square feet.
CoStar News understands that a number of other major names are searching for new premises in the city, including Standard Life owner Phoenix Group, which is on the hunt for 50,000 square feet after finding a buyer for its out-of-town headquarters, read here.