Acting on behalf of CIT, Colliers International and BNP Paribas Real Estate have secured the South African commercial bank, Nedbank, as a new tenant on the 8,685 sq ft 7th floor of 12 Arthur Street, CIT’s major new refurbishment in the City of London. Nedbank has signed up for a 10-year-lease, with a fifth year tenant-only break option.
The final phase of the comprehensive refurbishment is now complete with only four floors out of ten remaining available on the ground (7,543 sq ft), third (10,002 sq ft), fourth (10,205 sq ft) and eighth (8,723 sq ft) floors.
The latest deal follows a spate of other lettings on the second, fifth, ninth and tenth floors to Broadridge Financial Solutions, Mindtree, Schillings LLP and Stephens Europe respectively, as well as the first floor recently being placed under offer.
Designed by Morrow + Lorraine, CIT’s refurbishment of 12 Arthur Street includes the creation of a new best in class bicycle, shower and changing facilities alongside high quality contemporary Grade A office space. The building is a short walking distance from many local amenities such as the Bloomberg arcade, The Ned and Borough Market and local transport links including Bank, Monument, Cannon Street and London Bridge stations.
Toby Croft of CIT Group commented: “We are very pleased to welcome Nedbank to 12 Arthur Street. Our strategy to create such a first class product is helping to attract top tenants and we look forward to leasing the remaining floors.”
James Walker, Head of City Agency and Occupier Advisory at Colliers International, added: “This signing of Nedbank and completion of the whole refurbishment of 12 Arthur Street is very positive news for the office industry in the capital. It demonstrates that it’s been business as usual for companies and Grade A office space is and will still continue to be a requirement moving forward.”
Philip McKenna, Senior Director of BNP Paribas Real Estate commented: “The addition of Nedbank to the current tenant roster helps to create a very diverse tenant mix which is testament to the quality of the building and its appeal to a broad range of occupiers.”
Stuart Commins, Head of Occupier Services in the City at Colliers International, advised Nedbank throughout the transaction and commented: “As an established brand, Nedbank is committed to the highest standards of governance, integrity and accountability through creating a thriving and productive working environment for customers and their people. 12 Arthur Street compliments those requirements providing a top class quality building for the business to continue its growth.”
Colliers International and BNP Paribas Real Estate are joint agents for 12 Arthur Street.
Further details are available here.
CIT is an independent private equity real estate business founded in 1995. Since inception, CIT has acquired approximately £3 billion in direct real estate globally. CIT focuses on value added and opportunistic investments across a wide range of subsectors and is responsible for over 7,000,000 sq ft of London development. Currently, CIT manages circa £2 billion of investments and developments.
Previous and current significant CIT projects include HYLO (EC1), Vinegar Yard (SE1), Colechurch House (SE1), 12 Arthur Street (EC4), South Bank Tower (SE1), More London (SE1), Regents Crescent (W1) and Lancer Square (W8).
About 12 Arthur Street
12 Arthur Street is situated on a prominent island site bordered by Arthur Street, Upper Thames Street, Laurence Pountney Lane and Martin Lane. The property benefits from excellent transport connectivity with Bank, Monument, Cannon Street, Mansion House and London Bridge stations within five minutes’ walk. The building has undergone a comprehensive refurbishment to include a newly remodelled reception lobby, new Cat A specification with all new M&E services, and state of the art bicycle parking and shower facilities, designed by award-winning Morrow + Lorraine Architects. The refurbishment has now completed.