The letting to Deutsche Bank at Five Brindleyplace has been recognised as the Regional Deal of the Year at the inaugural MIPIM UK property event.
The deal – which has seen Deutsche Bank take the entire 134,000 sq ft building on a 15 year lease – is the largest piece of inward investment to have taken place in Birmingham during the current property cycle and is the second largest office transaction to have been completed since the start of the economic downturn in 2008.
The building is part of the award winning Brindleyplace estate which was acquired by Hines Global REIT (Hines) and Moorfield Group, in July 2010.
Following the departure of previous occupier, British Telecom, Hines and Moorfield undertook a speculative refurbishment of Five Brindleyplace to Grade A standard. The comprehensive works included the replacement of one exterior wall with full-height glazing, expansion of the building’s net internal floorspace and delivery of an enhanced entrance.
Jeremy Marchant, Moorfield Group, said: “When we undertook the speculative refurbishment of Five Brindleyplace, we always had in mind that with its location and high quality mix of surrounding occupiers, it would be ideal as a headquarters location. We began discussions with Deutsche Bank reasonably early in the refurbishment process and so were able to ensure that the space provided to them was absolutely what they were looking for.”
Raj Rajput, Hines, said: “Deutsche Bank was initially looking for around 48,000 sq ft, however over the course of our discussions this grew to encompass the whole building which is a great testament to the detail and level of the refurbishment. This is a significant deal for Birmingham and we are of course immensely pleased to have played a part in its delivery.”
Held as part of the inaugural MIPIM UK Event which has been held at London’s Olympia, the MIPIM UK Awards recognise the country’s leading current and future regeneration projects, alongside the best schemes in the private rented sector.
Other entries shortlisted for the Regional Deal of the Year include the relocation of Formula E to Donnington and the Pears Group and Urban Splash’s refinancing of the latter’s Braun portfolio.
Brindleyplace boasts an extremely diverse mix of commercial tenants, including Deloitte, RBS, Deutsche Bank and GVA. A full range of bars, restaurants and leisure amenities is also available across the estate, including Café Rouge, the Handmade Burger Company, Bannatyne’s Health Club, and the recently opened Le Monde.