Letting to Deutsche Bank at Brindleyplace named regional deal of the year

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 saw 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 in the city since the start of the economic downturn in 2008.

The building is part of the 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.

Jeremy Marchant of 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.”

The MIPIM UK event was held at London’s Olympia.