British Land and GIC have completed on the sale of 100% of 5 Broadgate to a wholly-owned indirect subsidiary of CK Asset Holdings Limited for £1 billion.
The transaction reflects British Land’s consistent strategy of realising value from completed and well-let properties. British Land and its then joint venture partner committed to the development of 5 Broadgate in 2012 to house UBS’s global investment banking business.
The building, which was completed in 2015, generated a total property return of 18% per annum for British Land, and was a significant catalyst for the further development of Broadgate now underway.
Tim Roberts, Head of Offices, British Land, commented: “This transaction is the latest example of how our strategy is creating value. We delivered a modern, truly distinctive building for UBS, located at the heart of our largest central London campus, adjacent to the forthcoming Crossrail station. We have now taken the opportunity to realise value and reallocate capital across a range of projects, and uses, to deliver the best value for our shareholders.
We remain committed to Broadgate and are making excellent progress on our vision to develop and enhance the campus to create a truly world-class, mixed use central London destination. We are delighted to have found such a high profile and respected investor who shares our long-term plans for the campus.”
Gerald Ma, Member of Executive Committee of CK Asset Holdings, added: “5 Broadgate is a great quality asset with a high quality tenant, and we are delighted with this investment. We are also very pleased to become a partner of British Land and GIC and share their long term vision for the entire Broadgate campus.”
14/06/2018 12:02 by Buildington
UBS have taken occupation of their new 710,000 sq ft office at 5 Broadgate and so have served their break notices on 100 Liverpool Street, 1 Finsbury Avenue and 2 Finsbury
Source: The British Land Company PLC Half Year Results 2016/17 www.britishland.com 16.11.2016
17/11/2016 09:19 by Buildington
UBS moved its 5,300 London staff to 5 Broadgate in mid-October, reports Finews.com.
With this, UBS has brought staff together in one building from all its arms in private banking, investment banking, asset management, and corporate center.
Former chancellor George Osborne was present at the building’s opening.
The full address for the new UBS HQ in London is 5 Broadgate, EC2A 2EB. The building is right next to Broadgate Circle.
The nearest underground station is Liverpool Street (also right next to the headquarters).
10/11/2016 14:06 by Buildington
5 Broadgate, the newly completed London headquarters of financial services firm UBS, is London’s biggest ‘groundscraper’ providing over 700,000 square feet of new space across 12 floors, and delivers exceptional trading, client and staff facilities.
Make architects revealed yesterday how the ground-breaking design of 5 Broadgate evolved through a harmonious partnership between Make, British Land, UBS, and fit out specialists TP Bennett, as well as the consultant team and the City of London.
The early stages of the design process were carried out in a restricted-access, highly interactive and creative environment that was akin to that of a major research project.
From the outset it was clear that 5 Broadgate would be a quantum-leap forward in the City of London in terms of size, materiality, and commercial and environmental performance. The building has broken new ground and turned conventional office design on its head.
The design evolved from an additive process into a reductive process. 5 Broadgate takes the form of a double cube that has been carved into. A financial engine block with an aura of vault-like security and the crafted precision of a Swiss watch, this single expression evokes a feeling of robustness and solidity, and unifies the functions of the building, creating a new language of quality and precision in the City.
A striking feature of the design is the building’s stainless steel façade, with its bold cutbacks and terraces and sophisticated mix of environmental systems. The cladding system carefully balances natural daylight with high levels of thermal and solar insulation, providing an envelope that is 65 per cent solid. Selected for its durability and aesthetic qualities, 5 Broadgate is one of the largest stainless steel-clad buildings in the world.
The building’s exterior eloquently expresses its key internal features. The angles of the escape stairs are matched by the angle of the glazed slots on the east and west elevations and internally the stairs’ steel support structure has been cranked to match these alignments. Likewise, the lifts have been expressed with vertical slots to maximise the scenic views.
The vertical arrangement of the building begins with a double-height reception and amenity volume at ground level. The section then rises through four trading floors with virtually uninterrupted floorplates, one trading support floor, two conference and visitor facility floors with outdoor terraces, four floors of general offices, and a plant level.
Key to the brief was to consolidate the majority of UBS’s London workforce. There are four football pitch-sized floors with cores pushed to the perimeter. The 13.5m x 12m structural grid ensures long-term spatial flexibility with the potential to accommodate up to 3,000 traders.
It may be one of the biggest but 5 Broadgate is also one of the most sustainable office buildings of its time. Key environmental features include the second biggest array of photovoltaic cells and solar thermal panels in the City of London, a substantial area of green roof, 70 percent waste recycling, FSC-certified timber, and a BREEAM Excellent rating. Overall, 5 Broadgate’s energy conservation level is nearly 50 percent better than required by regulations.
The scheme has also created a new north-south pedestrian link between the centre of Broadgate and Sun Street Passage, which connects to the concourse of Liverpool Street station. Make has designed an Op Art style array of coloured panels for this connection, and the scheme also features a major public artwork by David Batchelor.
Ken Shuttleworth, founder of Make, comments: “Seeing 5 Broadgate come to fruition is the culmination of my 40 years in architecture. Our team at Make has been able to raise the benchmark for workplace design and produce a ground-breaking office building which has a remarkably efficient energy-use. Architecturally, there’s nothing else like this building anywhere.”
5 Broadgate represents a powerful vote of confidence in the City of London. Make’s world-class building will play a key part in the next chapter of the Broadgate success story and act as a catalyst for the ongoing regeneration of the area.
22/09/2015 10:31 by Buildington
Practical completion at 5 Broadgate was achieved in June and the building was handed over to UBS to start fit out, reports British Land.
Source: British Land Q1 2015/16 Trading Statement 20. July 2015
20/07/2015 11:23 by Buildington
5 Broadgate development has officially ‘topped-out’ in a ceremony earlier today.
The building, which forms part of the Broadgate Estate, was designed by international architectural practice Make, and will provide 700,000 square feet of Grade ‘A' office space over twelve floors. The new building will allow UBS to consolidate its London trading operations into one building.
It will also meet the highest standards of sustainability in terms of energy performance, responsible specification and procurement of materials, and the provision of facilities to support sustainable employee behaviour.
Construction, which is being managed by Mace, commenced in March 2012 and final completion is scheduled for Spring 2015. Over 5,000 jobs have been created during construction.
5 Broadgate sits at the heart of the Broadgate; a 30 acre fully managed estate in the heart of the City. Since opening, the estate has been progressively developed and now includes 16 separate buildings covering 4.0 million sq ft with a further 710,000 sq ft under development. The office buildings are set around four landscaped squares each providing an attractive working environment enhanced by restaurants, pubs, shops and health clubs. Due to its excellent location - it has been built around Liverpool Street station, the City's main transport hub - Broadgate has become a dynamic and thriving business community. With over 30,000 workers, it is home to some of the world's biggest corporations and top professional practices.
Source: British Land
27/03/2014 18:05 by Buildington
ISG has been awarded the largest London office fit out contract of the last twelve months, securing the £125 million project to deliver the new UK headquarters for UBS at 5 Broadgate.
The striking office building is currently under construction and ISG is scheduled to commence work on site at the start of 2015, following a twelve month pre-construction period.
Appointed under a Construction Management form of contract, ISG will deliver approximately 700,000 sq ft of high-specification commercial office accommodation for the global financial services firm. The building will house up to three trading floors, enabling UBS to consolidate its London trading operations within one building, an auditorium, large executive area and a range of open plan and cellular office space.
David Lawther, ISG Chief Executive, said:
“Following such an exceptional year’s performance for our London Fit Out business in 2013 with a win of this scale and prestige is a tremendous result and further reinforces our position as the sector’s lead contractor. Reassuringly, confidence is returning to the London office market as a whole, and in addition to securing many of the capital’s most high-profile schemes, we have maintained and built on our reputation for delivering exceptional fit out solutions across all value bands."
Source: ISG www.isgplc.com
05/02/2014 18:09 by Buildington
04/10/2013 10:58 by Buildington
KONE has won an order to deliver 31 eco-efficient elevators to 5 Broadgate, a new office building under construction in City of London, the main financial district of London, UK. KONE's solutions will ease the People Flow® of the employees and visitors when it is completed at the end of 2014.
The order includes 24 KONE MiniSpace® elevators, of which 10 will be of a special scenic design. To ensure smooth people and goods flow, the office building will also house five KONE MonoSpace® Special elevators and two additional bottom drive MiniSpace elevators which will be dedicated to carrying freight. The KONE E-link traffic monitoring system will ensure a high service level of the equipment.
All the elevators will be equipped with the energy-efficient KONE EcoDisc® hoisting machine, which is 50-70% more efficient than elevators that use conventional lifting technologies. The compact machine rooms will be in varying locations to suit the building designs and the strict restrictions on central London Planning.
"We are pleased to work with partners who share are our passion for green buildings while making no compromises in creating an excellent people flow experience," says Ari Lehtoranta, EVP and Area Director of KONE Central and North Europe. "We are proud to be associated with British Land again and look forward to the joint collaboration on this sustainable building project."
The office building is currently being developed as a joint venture between British Land and Blackstone. Other partners include Make Architects and Mace as the management contractor, 5 Broadgate aims to achieve an 'Excellent' BREEAM green building rating. The order was booked in the third quarter of 2012.
British Land is also behind another current KONE London project, The Leadenhall Building.
Source: KONE Corporation, press release, July 23, 2012
24/07/2012 18:14 by Buildington
The Chancellor of the Exchequer, the Rt Hon George Osborne MP, today championed continued investment in the City of London as he marked the start of construction of a new building for Swiss bank UBS at 5 Broadgate. Part of the Broadgate estate, 5 Broadgate is being developed by joint venture partners British Land and Blackstone, creating over 5,000 construction jobs over the next three years.
The Chancellor joined British Land Chief Executive Chris Grigg, Blackstone Senior Managing Director and Vice Chairman of Europe Chad Pike, and senior representatives of UBS at a groundbreaking event to celebrate the start of construction.
The Chancellor of the Exchequer, The Rt Hon George Osborne MP said: “There have been those who tried to block the redevelopment of the Broadgate site, but this Government has helped see the project through, so we can send an important message to the world – that Britain is open for business and is unashamedly pro enterprise.
“This new site, in the heart of the City, signals the confidence placed in London as the world’s leading financial centre. The scheme will benefit not only from the Government’s Crossrail investment at Liverpool Street station, but will also protect up to 7,000 jobs in the City, and create over 5,000 new construction jobs.
Chris Grigg, Chief Executive of British Land added: “UBS’s commitment to the City of London and Broadgate demonstrates London’s global appeal as a major financial centre. The 5 Broadgate development will not only help to retain jobs in the City but will also create thousands more during its construction. British Land is also on site at five other office developments as part of our £1.1 billion investment in Central London which is creating a total of over 15,000 construction jobs.”
Ulrich Koerner, CEO UBS Group Europe Middle East and Africa said:” UBS’s roots in the UK date back to 1898 when the Swiss Bankverein (which later became Swiss Bank Corporation and then UBS), became the first Swiss bank to establish a presence in London. The development of such an impressive new office signals the continuation of UBS’s long and successful relationship with the UK, the City of London and Broadgate. We hope its powerful design will reflect UBS’s own strength and solidity, as one of the best capitalized banks in the world.”
Chad Pike of Blackstone added: "UBS's decision to consolidate its London headquarters in 5 Broadgate is an important decision that sends a message of belief in London as a world class financial centre. We are proud to be here to mark this occasion."
On completion in 2014, the occupied 12 storey building, designed by leading architectural practice
Make, will provide 700,000 square feet of Grade ‘A' office space. It will also meet the highest standards of sustainability in terms of energy performance, responsible specification and procurement of materials, and the provision of facilities to support sustainable employee behaviour. The new building will include up to four trading floors, each able to accommodate approximately 750 traders, allowing UBS to consolidate its London trading operations into one building.
As part of the construction process a bespoke employment hub has been established to maximise training, skills and employment opportunities, available to local residents, which aims to support 180 individuals including 18 construction apprenticeships.
5 Broadgate sits at the heart of the Broadgate estate, a dynamic, thriving business community where over 30,000 people work each day. Developed in phases over the last 25 years, the 32-acre estate is held in a joint venture between British Land and Blackstone, and comprises 16 buildings incorporating over 4.4 million sq ft of Grade A office, retail and leisure accommodation. The estate is located at the Liverpool Street transport interchange, and is visited by around 150,000 people every weekday.
Crossrail, which is due to open in 2018, will provide new, high-frequency rail links, making travel to Broadgate even easier and quicker.
British Land’s London office portfolio currently comprises more than 7 million sq ft of prime office space located in the City and West End. The company is also investing £1.1 billion to create Central London's largest committed office development programme, which is set to deliver 2.2 million sq ft of high quality space by 2014 and create over 15,000 construction jobs (1). In addition to 5 Broadgate, the programme incorporates a further five mixed use and office developments in London, including the 610,000 sq ft Leadenhall Building in London’s insurance district, recently chosen by Aon for its global headquarters, and a 500,000 sq ft office and residential scheme at NEQ, Regent’s Place in the West End.
01/03/2012 15:53 by Buildington
British Land and Blackstone have announced that they have satisfied the remaining outstanding conditions on the agreement with UBS AG to pre-let 5 Broadgate and now the development of the new 700,000 sq ft building can proceed.
30/01/2012 12:00 by Buildington
International consultancy and construction company, Mace, has been appointed by British Land and Blackstone Group to deliver 5 Broadgate, the new UK headquarters of global financial firm, UBS.
The building, is almost 1.2 million square feet, 14 storeys high and will include four trading floors each capable of accommodating 750 traders. The building is expected to house approximately 6,000 UBS employees.
Mace has been appointed under a construction management agreement following 12 months delivering extensive utility diversions, enabling works and pre-construction advice to British Land and Blackstone. Mace is currently managing the demolition of the existing 4 and 6 Broadgate on the north side of the Broadgate Circle and piling work is expected to start on site in the New Year
As well as being the next stage in the development of Broadgate, 5 Broadgate is designed to be the 'greenest' building in the Square Mile. The project, which is on track for a BREEAM 'Excellent' rating, will incorporate high sustainability standards and environmental features in terms of its energy performance, including: the largest number of solar photovoltaic panels on a commercial building in London, a green roof, rainwater harvesting and heat reclaim used for under floor heating.
Mace's Chief Operating Office for Construction, Gareth Lewis, said: "Following our successful delivery of Ropemaker Place for British Land, we welcome the challenge of working with them to deliver another iconic building that sets new standards in green design and construction."
Other members of the design team include Make as architects, Watkins Payne as building services engineer, Buro Happold as structural engineers, M3 as project managers and Sense, the cost consultancy arm of the Mace.
16/12/2011 13:45 by Buildington
Seems the controversy is continuing with a recommendation for listing by English Heritage:
Perhaps it is the ice rink or Richard Serra’s Fulcrum towering up like a industrial tipee. Personally I am a big fan of the current building and as you walk around the city it is starting to look a bit like a greenhouse..
16/06/2011 12:45 by
Following the decision by Culture Secretary, Jeremy Hunt, that 1-4 Broadgate should not be listed, British Land and Blackstone, are proceeding with their plans to build a new world class office building for UBS at 5 Broadgate. The building represents a total investment of £850m and secures 5,000 construction jobs, which will be created over the next 5 years, along with the associated economic activity and growth.
Chris Grigg, British Land chief executive said: “I am delighted by today’s decision as it allows Broadgate to continue to evolve as a sustainable and flexible office location that will meet the future needs of occupiers whilst maintaining the sense of space and place for which it is rightly renowned around the globe. With the decision made today by Jeremy Hunt, the Government has also sent out a message loud and clear to the world that the UK is 'open for business'."
The City of London Planning Committee resolved to grant planning permission for a new world class office building for financial services firm UBS at 5 Broadgate in April. The new 700,000 sq ft (66,890 sq m) building includes four trading floors capable of accommodating approximately 750 traders per floor. 5 Broadgate will allow UBS to bring together its trading operation into one building in the City.
This new building also represents a further stage in the successful evolution of the Broadgate office estate enabling it to meet both the current and future needs of existing and potential occupiers for attractive, flexible and sustainable environments for their employees. The retention of one of the world’s leading investment banks in the heart of the City of London reinforces London’s status as a world class financial centre.
Designed by leading architectural practice Make, 5 Broadgate will meet the highest standards of sustainability in terms of its energy performance, including the largest array of solar panels on a commercial building in London, rain water harvesting, green roof and cycling facilities.
15/06/2011 17:54 by Buildington
Make founder Ken Shuttleworth gave an exclusive interview to the Architects' Journal about the practice’s controversial scheme at 5 Broadgate for British Land http://www.architectsjournal.co.uk/news/daily-news/shuttleworth-on-5-broadgate-a-sea-change-in-modern-architecture/8614458.article
08/05/2011 20:35 by Buildington
By approving the scheme at 5 Broadgate, the City of London has provided a fitting home for one of Europe’s largest banks and has demonstrated its commitment to providing a business environment that can continue to attract the world’s leading firms for many years to come. These plans aptly demonstrate the adaptability of the original Broadgate development concept and the vision of its architect, Peter Foggo.
- Stuart Fraser on why giving listed status to Broadgate is wrong
Source: City A.M.
26/04/2011 14:10 by Buildington
The British Land Company PLC and the Blackstone Group are delighted that the City of London Planning Committee today resolved to grant planning permission for a new world class office building for financial services firm UBS at 5 Broadgate. 5 Broadgate will provide a total net office floor space of approximately 700,000 sq ft (66,890 sq m), and will include four trading floors capable of accommodating approximately 750 traders per floor.
5 Broadgate will allow UBS to bring together its trading operation into one building in the City. This new building also represents a further stage in the successful evolution of the Broadgate office estate and the retention of one of the world’s leading investment banks in the heart of the City of London.
Chris Grigg, Chief Executive of The British Land Company PLC, said: “The City, in its decision today, has acknowledged the importance of the current and future needs of key occupiers for attractive, flexible and sustainable floor space, the retention of UBS in Broadgate and the maintenance of London’s status as a world class financial centre.”
In its Committee Report, the City described 5 Broadgate as a “striking and eye catching addition to the new architecture of the City” and in its Design Review the Government’s design adviser, CABE, said that 5 Broadgate “is an exciting opportunity for a major new building in the City of London”.
20/04/2011 14:50 by Buildington