June 3 (Bloomberg) -- A plan by British Land Co. and Blackstone Group LP to build a new office block in the City of London financial district received a setback after a state- funded preservation group said the site should be protected.
The Broadgate Square complex was recommended for “listed” status, English Heritage Ltd. said in a statement today. A listed building cannot be demolished or altered without government planning guidance, according to the group’s website.
The buildings at Broadgate Square “are one of the most important and successful developments of its period and type, possessing special architectural and historic interest,” English Heritage, the official organization for archaeology, heritage and conservation in England, said in the statement.
British Land and New York-based Blackstone plan to redevelop the site as a building for UBS AG of Zurich. The 13- story development, which was approved by city planners in April, is designed to have about 700,000 square feet (65,000 square meters) of space.
The companies are seeking to demolish two of the buildings at the Broadgate site. The government will now decide whether to follow English Heritage’s recommendations.
--With assistance from Tim Barwell in London. Editors: Christine Maurus, Andrew Blackman
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