Schroders Plc (SDR), the U.K.’s biggest fund manager by assets, agreed to rent an office complex in the City of London financial district being built by Brookfield Office Properties Inc. (BPO:US) and the Ontario Municipal Employees Retirement System’s real estate unit.
Schroders reached a deal with Brookfield and Oxford Properties Group Inc. to lease all of One London Wall Place, a 12-story, 310,000-square-foot (28,800 square meter) development due to be completed in the second half of 2017, the fund manager said in an e-mailed statement today. Schroders said it currently operates out of five locations in the City.
“Schroders has grown substantially in recent years and One London Wall Place offers us a unique opportunity to consolidate all London employees under one roof,” Schroders Chief Executive Officer Michael Dobson said in the statement.
U.K. companies are increasingly moving to new offices as the nation’s economy improves. More than 7.4 million square feet of central London office space was leased in the first nine months of 2013, more than was leased in all of last year, broker Cushman & Wakefield Inc. said in a report last month.
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