Handelsbanken signs lease for new HQ at Woolgate

Stanhope and the Woolgate Exchange Unit Trust (WEUT) have today announced that Handelsbanken has signed a 15-year lease for 53,000 sq. ft over the remaining ground floor unit (8,500 sq. ft) and the third floor (44,600 sq. ft) at Woolgate. The deal will see the company relocate from its current home in Thomas More Square to the heart of the Square Mile.

Handelsbanken is a local relationship bank with branches located across the length and breadth of the country. It is independently rated as Europe’s safest commercial bank, as well being top-ranked for customer satisfaction and SME relationship management. Today’s announcement reaffirms the comprehensively refurbished building’s position as an iconic headquarters in the heart of London’s financial district. This deal, coupled with the recent announcement that Legal & General will take 60% of the building, means that only the first floor remains available to lease.

Handelsbanken is relocating its London headquarters to Woolgate to upgrade its office space and deliver on some fundamental long-term objectives, including meeting the Bank’s ambitious net zero goal. The financial institution was drawn to Woolgate for its improved transport connectivity, first-class sustainability credentials, outstanding location and strong local amenity offering.

When complete, the refurbished building will provide a total of 320,000 sq. ft of sustainable workspace and extensive ground floor public realm on Basinghall Street and Coleman Street, providing the local area with urban greening and biodiversity.

On track to complete in early 2025, the building’s refurbishment will retain 98% of the existing structure. Woolgate is set to be net zero in construction and is targeting a 4.5-star NABERS rating and BREEAM Excellent certification.

Savills, JLL and Bryan Cave Leighton Paisner (BCLP) acted for The Woolgate Exchange Unit Trust and Stanhope in the lease negotiations, with Dron & Wright acting for the tenant.

David Camp, Chief Executive of Stanhope, said:

"We are thrilled to have secured another occupier whose requirements align perfectly with the high-quality office space and strong sustainability credentials that Woolgate offers. We look forward to welcoming Handelsbanken to the building once we reach practical completion later this year.”

Mikael Sorensen, CEO of Handelsbanken UK, said:

“Handelsbanken has been operating in the UK for over 40 years, and during that time has seen strong and growing demand for local relationship banking, where customers receive high levels of personal service from experts who know them and their financial circumstances very well. Moving to the first-class Woolgate development demonstrates our long-term commitment both to our customers and to the UK as one of Handelsbanken’s core markets.

“Consolidating our office space in Woolgate will allow us to continue our UK growth story in a cost-effective way, for many years to come – from a modern, fit for purpose and environmentally sustainable home – aligning perfectly with our core values.”