The professional services consultancy has signed up to occupy 150,000 sq ft of office space in Southwark, SE1 at the Shackleton building. This Hays Galleria property forms part ‘London Bridge City’ estate of the St Martins property corporation, which is owned by the State of Kuwait.
PwC has over 8,000 London-based staff, with 5,500 of them already occupying SE1 office space within No.7 More London, situated close to Tower Bridge and adjacent to City Hall.
Also, those employees that are located in Midtown are being decanted from Plumtree Court, EC4 when PwC’s lease expires in December this year. The accountants will be relocated to executive offices at One Embankment Place, WC2.
This landmark office building was designed by Sir Terrry Farrell and is positioned directly above the railway platforms of Charing Cross station.
PwC’s office letting represents the biggest rental transaction for Southbank office space so far this year. Recent Colliers research has indicated that the limited supply of SE1 offices is creating a constricted market with a vacancy rate of only 4.66% across all building stock.
This strong performance of the up-and-coming business district has been reinforced by a subsequent letting of 42,000 sq ft at Hays Galleria, by Orient Express Services Limited and the Hilson Moran Partnership.