Barings marks return with 20 Old Bailey dealComments Off on Barings marks return with 20 Old Bailey deal
The Barings name, synonymous with infamous rogue trader Nick Leeson, is expected to soon be based at 20 Old Bailey, it has emerged, as research today revealed a surge of post-Brexit City office-leasing deals.
Massachusetts Mutual Life Insurance Company has selected the building opposite the criminal courts as the new London HQ for four of its asset-management businesses, which recently merged under the Barings name.
Barings is understood to be in advanced negotiations to take around 100,000 square feet at Blackstone’s building. Staff will be moved there from three offices. MassMutual did not respond, while Blackstone declined to comment.
Barings appeared as a bank in London in 1762, and collapsed in 1995 after fraudulent trading by broker Nick Leeson. It was bought by MassMutual in 2005.
Separately, figures from agent JLL today showed City office take-up has surged in the final quarter of the year, and is expected to reach 5.3 million square feet by the year end, just 6% below the long-term average.
JLL’s Neil Prime said the lettings and purchases from firms such as Wells Fargo show “that demand has been more resilient than many feared”.