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UBS Reaches Agreement on New London Office Building

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UBS AG, the largest Swiss lender by assets, reached an agreement to have a new office building constructed at the City of London’s Broadgate complex that will have four 1.5-acre trading floors.

UBS will initially pay Broadgate’s owners, British Land Co. and Blackstone Group LP, an annual rent of 54.50 pounds ($86) a square foot to lease the 700,000 square-foot (65,032 square-meter) building, according to a statement today. The bank agreed to lease the site for 20 years with an option to leave the upper floors after 10 years or 15 years.