Wells Fargo outmuscles US rival Jefferies for City HQ dealComments Off on Wells Fargo outmuscles US rival Jefferies for City HQ deal
US bank Wells Fargo is set to plant a new flag in the heart of the City by spending £200 million on a new headquarters — elbowing aside a financial rival in the process, the Standard understands.
Sources say Fargo is under offer to buy 33 Central, formerly known as 33 King William Street, and occupy the entire 225,000 sq ft building when it is completed by developer HB Reavis.
The US bank, currently based in One Plantation Place, had been linked with a leasing deal for the new building.
But one property source said: “The pound has tanked against the dollar on Brexit fears so suddenly there are attractive buying opportunities.”
Fargo’s deal shuts out US investment bank Jefferies, which had considered moving to the building.
The swoop comes amid activity from other overseas buyers in the City including Singapore’s Shaw Foundation — set to buy 88 Wood Street for a rumoured £270 million — while insurer China Life and Canada’s Brookfield are buying the Aldgate Tower for £350 million.