BDO agrees lease for new UK HQ

02 August 2024 Consultancy.uk

Accounting and advisory firm BDO has confirmed it will retain its British headquarters in London’s West End. The firm will move to the new M Building in the second half of 2027.

BDO has been headquartered in the West End for over a century and at 55 Baker Street since 2007. After 20 years at that address, however, the firm has opted for a new lease of life – still in the West End – but at a more bespoke building.

The new M Building will be completed as part of the revitalisation of Oxford Street, and is set to open in the final quarter of 2024, with nearly 280,000 square feet of space. A majority of 220,000 square feet will be occupied by BDO in three-years-time – hosting 5,000 of the firm’s London-based employees, representing more than half of its UK footprint.

BDO agrees lease for new UK HQ

Paul Eagland, BDO’s managing partner, commented, “It’s exciting to have secured such a great building, which helps us meet many of our commitments: to our people, to our clients, the West End of London, and to our planet. Working together is what powers our business, and we remain committed to offering flexible, modern spaces where we can learn together, share ideas and collectively deliver work to our clients.”

The M Building has been designed to improve the wellbeing of its occupants, including dual entrances, an abundance of natural light, expansive terracing and on-site amenities, including changing rooms, showers and bike storage. It is targeting BREEAM Outstanding, Nabers 5*, and an EPC A rating – while also allowing for flexible working arrangements.

BDO’s investment in London forms a key part of its national property portfolio across 17 UK locations, which are home to its 8,000-strong workforce. In the last two years, it has also moved into new locales in Glasgow, Nottingham and Ipswich, and has invested in refits in Edinburgh, Bristol, and Southampton. In the coming period, it will be moving into a new office in Guildford and into its new Manchester office, Eden, the most sustainable office building in Manchester.

CBRE and Capital Real Estate Partners advised on the transaction. According to CBRE, there is currently 9.1 million square feet of UK office development under construction which could complete this year, 60% of which is in central London. But despite the high construction levels, 40% of the UK under construction pipeline to 2028 is already pre-let or under offer, demonstrating how high demand is from occupiers for new stock.

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