RBC Agrees to Lease Part of Brookfield's New London Skyscraper

  • RBC will occupy almost 25% of tower at 100 Bishopsgate
  • Brookfield's skyscraper is due to be completed in 2018

A rendering showing Brookfield Office Properties Inc.'s planned development at 100 Bishopsgate in London.

Source: Brookfield Office Properties Inc.

Royal Bank of Canada agreed to lease more than a quarter of Brookfield Property Partners LP’s 100 Bishopsgate tower in the City of London financial district before construction is completed.

Canada’s largest bank by market value will move London-based workers at its capital markets, investor and treasury services, wealth management and global asset management units to the new building, where work is due to be completed in 2018, RBC and Brookfield said by e-mail on Monday.

Office rents on the highest floors of skyscrapers in London climbed about 11 percent in the six months through June, the biggest increase in a 20-city index compiled by broker Knight Frank LLP, amid a shortage of space. In the City of London, Brookfield has already leased office space at its Principal Place tower to Amazon.com Inc. and at its London Wall Place project to asset manager Schroders Plc ahead of construction being completed.

“The new office space in 100 Bishopsgate is a strong reflection of our commitment to the U.K., where we have been steadily building our presence over the last decade,” David Thomas, chief executive officer at RBC Capital Markets Europe, said in the statement.

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