ISG Jumps on $204 Million Contract to Fit Out UBS’s U.K. BaseNeil Callanan
ISG Plc rose to the highest in more than six years in London trading after the company won the largest office fit-out contract awarded in London in the past 12 months.
Work on fitting out the new U.K. headquarters building for Swiss bank UBS AG at the Broadgate office complex in the City of London financial district will start next year, occupancy services firm ISG said in a statement today. The project is valued at 125 million pounds ($204 million), according to the London-based company.
“A win of this scale and prestige is a tremendous result,” ISG Chief Executive Officer David Lawther said in the statement. “Confidence is returning to the London office market as a whole.”
Businesses agreed to lease 5.4 million square feet (500,000 square meters) of office space in the City of London last year, 27 percent more than the previous year, according to broker DTZ. About 3.5 million square feet of new workspace will be completed there this year, according to CBRE Group Inc., another broker. That compares with 1 million square feet last year. The extra space will need to be fitted out before tenants move in.
ISG rose as much as 4.9 percent to 322.5 pence, the highest since August 2007. The shares closed up 2.4 percent at 315 pence, giving the company a market value of about 123 million pounds.