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London Stock Exchange to Stay in City

London-The London Stock Exchange has ended speculation that it was planning a move to Docklands by signing a lease at Mitsubishi Estates' Paternoster Square in the City of London.

By Graham Parker | Updated on June 12, 2001

London-The London Stock Exchange has ended speculation that it was planning a move to Docklands by signing a lease at Mitsubishi Estates’ Paternoster Square in the City of London.

The exchange will relocate from the Stock Exchange Tower to an eight-story 220,000-sf building at King Edward’s Court, Paternoster Square in 2004. A 25-year lease has been signed at initial rent of £12.5 million ($17.5 million) per annum.

The automation of many of the stock exchange’s functions means that the old Stock Exchange Tower is now far too large for the exchange’s requirements and it currently only occupies 62% of the floorspace. The exchange plans to sell the building once its relocation is complete. The tower was valued on 31 March 2001 by DTZ Debenham Tie Leung on an Existing Use Value basis at £93 million ($129.25 million).

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