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Wells Fargo to move UK HQ in one of ‘largest’ City of London deals this year

American bank Wells Fargo is to move its UK headquarters after agreeing a £300m deal for a City of London property developed by HB Reavis.

The 33 Central building, which is the Slovak developers first project in London, is to be completed by the third quarter of 2017 and will feature flexible office space across 11-stories which will offer views over some iconic London buildings including the Shard and St Paul’s.

The developer had initially planned to retain and lease the new building; however, after initial leasing discussions, Wells Fargo expressed and interest in owning the building outright.

According to the developer, the US bank had been in discussions before the EU referendum about a deal for the 21,000 sq m new build which the bank has now agreed despite the current uncertainty surrounding the long-term prospects for the City’s financial services sector.

An agreement has now been reached which makes it one of the biggest owner-occupier deals in London this year.

Commenting on the sale, Marian Herman, Chief Financial Officer of HB Reavis Group remarked: “Many have doubted what will happen to the real estate market after the Brexit vote. We see the successful signing of this deal as strong endorsement of the quality of our real estate solutions, as well as the resilience of the HB Reavis business even under seemingly challenging market conditions.

“This divestment, although initially not envisaged given the original strategy to retain and lease, strengthens our balance sheet and will allow us to continue investing in similar high-quality development opportunities in London and elsewhere.”

Knight Frank and Deloitte were agents for 33 Central, and CBRE advised Wells Fargo.

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