The Dutch banking group has branches all over the world, but has begun to outgrow the facilities at its current City of London office rental.
Having appointed a property agent to search for suitable leasing opportunities, the bank has created a short list of three buildings in London’s financial districts. Although, one option is in Docklands the other two are in the square mile.
With a requirement for between 100,000 sq ft and 110,000 sq ft, Rabobank has identified 33 King William Street in EC4, London Wall Place in EC2 and 25 Churchill Place in Canary Wharf, as offering the right space and location for the future needs of its staff and clients. Rabobank and its advisers are working to a schedule that they hope will see them a make a final decision by the start of 2014. This will take the pressure of negotiating a break from Rabobank’s current riverside office in EC4.
Thames Court at 1 Queenhithe covers 227,000 sq ft and is leased by both the Royal Bank of Canada and Rabobank. As it is almost 20 years old it will soon require a costly refurbishment, in order to upgrade to the latest IT infrastructure. Fortunately, the bank can exercise a break clause allowing them to leave by the end of 2017.
Among the relocation options, 33 King William Street is the closest. Topland, the site’s owners, have secured planning permission for a 220,000 sq ft office redevelopment, but have been placed under pressure from its lenders to secure an early sale of the asset.
Whichever building is chosen, Rabobank will be keen to begin fitting out the office space during 2016 ahead of the final departure date from Thames Court.