Major employer to relocate 2,260 staff to Brindleyplace

Lloyds Bank is relocating 2,260 staff to flexible office space in Brindleyplace, whilst it refurbishes its existing Birmingham headquarters at 125 Colmore Row.

The Birmingham-founded bank has taken 59,896 sq ft with x+why at the Foundry at Six Brindleyplace, alongside 800 desks, marking the largest flexible office letting outside London this year.

Its 125 Colmore Row building will undergo an extensive refurbishment programme, to help the bank achieve its 2023 sustainability targets as well as modernising facilities for staff. The 150,000 sq ft site, which Lloyds has occupied since it was developed in 2001, was acquired by the West Midlands Pension Fund for £80m from EPIC in May 2022.

Dan White, CBRE’s Head of Flex Advisory – Midlands & South, advised Lloyds Banking Group on the letting.

He said: “Birmingham has scaled up its flex office offering in the last few years. The model has proved particularly popular among small and start-up businesses, as well as companies looking for a ‘soft landing’ before committing to bigger premises.

“With the Lloyds Banking Group deal we are seeing the benefit of a truly flexible offer: a short-term deal, allowing the Group to relocate its staff while undertaking the comprehensive refurbishment of its HQ. It’s proof that the flex office, far from being a threat to the traditional office occupancy model, can actually complement it.”

Rupert Dean, CEO and Co-founder of x+why, said: “We are thrilled to expand our footprint within the Foundry in Birmingham and provide this 60k sq ft managed deal for Lloyds Banking Group. It is a great story about how we can work within existing buildings to support larger requirements with a bespoke, low carbon, flexible space.”

Matt Long, Head of Tenant Engagement and Placemaking at Brindleyplace, said: “Brindleyplace is uniquely placed to accommodate all sizes of business, from SMEs looking for a short-term lease to large corporates looking for larger regional or HQ function.

“We have a long history of providing a home for the city’s professional and financial services community, attracted by the amenities, excellent transport links – including a dedicated tram stop – and access to a wider business ecosystem. We look forward to welcoming Lloyds Banking Group to Foundry at Six Brindleyplace and our tenant roster.”