Friends Provident ‘to move to One New Change’
Another indicator in the papers today of the buoyant market for office space in the City of London, with the Telegraph reporting that financial services group Friends Provident is about to take 50,000 sq ft of office space at One New Change, the new Land Securities development in the Square Mile.
The group, reportedly paying around £52.50 per sq ft, is currently based at 100 Wood Street, but has been seeking additional space since it was taken over by Resolution last year. Friends Provident said it was looking for London office space but declined to confirm that a location had been agreed.
The One New Change shopping centre has 330,000 sq ft of offices above the retail units. The office space is due to open next year and the retail part of the project is understood to have enjoyed robust Christmas trading so far, the Telegraph reports.
Meanwhile the saga of Capital Shopping Centres has taken its latest turn with the group expected to reject a bid from David Simon, who wants to stop the group taking over the Trafford Centre. David Simon owns 5.1% of CSC through Simon Property Group and thinks that CSC’s £750m offer for the shopping mall is too high.
