Wells Fargo pounces on property slowdown to snap up new London offices
US banking giant Wells Fargo has defied reports of a commercial property crash to sign the dotted line on a £300m deal for a brand new London headquarters.
The bank signed off on a new agreement for the 227,000 square foot building, known as 33 Central, on King William Street in the heart of the City. The deal is expected to have cost around £300m according to figures close to the agreement contacted by Bloomberg.
Wells Fargo currently has staff scattered across four locations in the capital and will move then all into the new building by the end of next year.
Read more: One-quarter of City office space could be abandoned after Brexit vote
Frank Pizzo, the bank's regional president for Europe, the middle east and Africa said: "With this new building in London, we are able to bring our team members together in one location in order to more efficiently and effectively manage our operations."
Commercial property in London has suffered one of the most immediate hits from the UK's vote to leave the EU almost four weeks ago. Earlier today experts predicted rents could freeze or even fall for the next five years as uncertainty over inward investment and the prospect of firms quitting the UK lingers.