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US hedgie Citadel makes big bet on London with space in another new skyscraper

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2 Finsbury Avenue
2 Finsbury Avenue

Global hedge fund giant Citadel has agreed a deal on a new London headquarters – moving into one of two gleaming new skyscrapers coming to Broadgate.

Known as 2FA, the two new skyscrapers will be London’s first ‘twins’ and is a joint venture between British Land and Singaporean sovereign wealth fund.

Citadel will lease 250,000 sq ft of workspace, with the option to lease another 130,000 sq ft at the new Canada landmark.

According to British Land, the deal means the site is already a third pre-let, with 50 per cent if the option is taken.

The news comes after a string of new developments in the City, most-recently with it being confirmed there will be anew skyscraper next to the Shard.

Canada has said it is looking to provide the equivalent of 70 football pitches of space for City workers coming back to the office after revealing new images of what London’s skyline will look like by the end of the decade.

A British Land spokesperson said however, that “while average annual take up in the City has been around 2m sq ft over recent years, there is only 1m square feet of committed Grade A space coming onto the City market per year over the next four years. 2FA is the only scheme currently committed coming onstream beyond 2026.”

2FA is set to be an “iconic addition” to the City’s ever-changing skyline, combining high-rise towers, with the 36-storey and 21 storey east and west towers respectively, per British Lands marketing material.

British Land said they will be “instantly recognisable” with “innovative triangular patterns combining a solid and glazed sawtooth-shaped facade that supports double height spaces.” There will also be a 12-storey podium linking the towers, plus garden and green space.

It is due to be completed in 2027, with the project appointing Sir Robert McAlpine as the main contractor, following its work on 100 Liverpool Street and 1 Broadgate.

Simon Carter, chief executive of British Land, said: “2FA is an incredibly exciting scheme that will transform the London skyline with a unique dual tower design. It will be delivered into a supply-constrained market in 2027, and this landmark pre-let is further proof of the strong demand for the modern, sustainable office space at our well-connected, amenity-rich London campuses. We look forward to welcoming Citadel and Citadel Securities to their new London home at 2FA.”

Gerald Beeson, chief of Citadel said: “We are excited to move into this spectacular new building at 2 Finsbury Avenue. This unparalleled building will provide the 21st century workplace experience for the exceptional talent we attract to our firm as we continue to grow our presence in London.”

Tracy Stroh, head of Europe Real Estate at GIC, said: “This pre-let with Citadel and Citadel Securities is testament to the strength of Broadgate’s position in the London office market and we are excited to welcome them to 2FA. We look forward to working with British Land on the development, which will enhance Broadgate’s already exciting campus.”