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Macquarie beats BlackRock to Drapers Gardens offices
AUSTRALIAN bank Macquarie has won the battle to occupy one of the City’s most sought-after office developments, Drapers Gardens.
Macquarie was locked in a battle with fund manager BlackRock who was also eyeing the space, as City PM revealed exclusively last month.
The Drapers Garden scheme – Canary Wharf’s only development outside the Docklands – has done a deal with Macquarie for 21,000sq ft.
Macquarie will pay an average £43.50 per square foot on a 15 year lease basis.
The bank has also been given a four year rent-free incentive.
The price is a sharp decline from the £70 per sq ft that the office development would have fetched at the property peak in 2007.