UPDATE 1-B. Land and Blackstone eye new UBS London HQ

* Bluebutton JV in talks for new building at Broadgate

* No certainty that binding deal will be signed

(Adds detail)

LONDON, May 4 (BestGrowthStock) – British Land (BLND.L: ) and private
equity house Blackstone (BX.N: ) have announced intentions to
build a new City of London headquarters for UBS (UBSN.VX: ), as
financial occupiers reconsider how to accommodate growing
workforces.

The Bluebutton Properties joint venture has entered into
exclusive non-binding heads of terms to construct the new
building on the site of 4 and 6 Broadgate on behalf of the Swiss
bank, thereby retaining UBS as a key occupier on the estate.

The parties said there was no certainty that a binding deal
will be signed and that a further announcement will be made in
due course.

UBS is not the only bank mulling its property strategy ahead
of an expected turnaround in the crisis-worn financial sector.

Macquarie Group (MQG.AX: ) agreed to take offices at British
Land’s Ropemaker Place offices, having missed out on its
first-choice location at the nearby Drapers Gardens offices.

BlackRock Investment Management gazumped the Australian
bank’s 43 pounds ($65.51) per square foot offer with a pledge to
pay 49 pounds per square foot to landlords Canary Wharf Group
and partner Exemplar Properties, as rental demand in central
London offices heats up. [ID:nLDE6130BI]

Stock Market Analysis

(Reporting by Sinead Cruise, editing by Cecilia Valente)
(See www.reutersrealestate.com for the global service for real
estate professionals from Reuters)

UPDATE 1-B. Land and Blackstone eye new UBS London HQ