SocGen ignores Brexit fears to double offices in St James's

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French bank Société Générale has shrugged off the Brexit jitters sweeping London’s property market to double the size of its offices in St James’s. 

SocGen is in final negotiations to take another 8000 square feet at 8 St James’s Square, where its private-banking arm already has a base, the Standard can reveal. 

Global banks including Morgan Stanley and Citi have indicated they would move jobs away from London in the event of a Brexit.

Insiders believe SocGen, advised by Savills, is less vulnerable than its rivals to an exit from the trading bloc, because it operates from a dual London-Paris hub.

It is also committed to moving to a new Canary Wharf mega-office in 2019.

If the deal for the property with landlord Green Property completes, it is understood part of the space will be used to house staff of Kleinwort Benson, which SocGen acquired earlier this month.

A rent of around £150 per square foot is likely for the space being let by CBRE and Knight Frank, i t is understood.

All parties declined to comment.

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Source Article from http://www.standard.co.uk/business/socgen-ignores-brexit-fears-to-double-offices-in-st-jamess-a3273501.html

June 16, 2016 |
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