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Bank of China acquires One Lothbury, London EC2 for its own occupation
26 Nov, 2009, London
Bank of China has today exchanged contracts to buy Westfield Investments' 1 Lothbury, London EC2 for its own occupation.
Located over ten floors, the development which was finished in September 2009, is a new build behind the existing Portland stone façade and provides 117,500 sq ft of prestigious offices in the heart of the City next to the Bank of England.
Bank of China launched its City-core owner-occupier requirement in July this year and the deal is part of the bank's expansion plans and more than doubles its office space in the City. It currently occupies 48,000 sq ft at 90 Cannon Street, EC4, which it plans to refurbish and sublet over the coming months.
The bank is keen to increase its wholesale and retail business in the UK as the "bank of choice" for corporate and personal customers with interests in China.
CB Richard Ellis is acting for Bank of China; Cushman & Wakefield and Drivers Jonas are advising Westfield Investments.