The Prudential Regulatory Authority has signed a 15-year lease for 150,000 sq ft at 20 Moorgate, the Bank of England confirmed today.
The tripartite deal between the PRA, sub-lettee JP Morgan and the landlord, a private fund managed by IVG, is among the largest to be signed in the City this year.
Full details of the deal have been kept confidential, but it is understood the PRA will pay a rent of around £55 per sq ft.
The PRA will formally replace the Financial Services Authority in 2013.
A Bank statement said the additional cost of locating the PRA in Moorgate compared with continuing the FSA’s space at Canary Wharf amounted to less than £1m a year over the next 15 years.
Drivers Jonas Deloitte advised the PRA, Cushman and Wakefield advised JP Morgan and Jones Lang LaSalle advised IVG.
All parties declined to comment.
jack.sidders@estatesgazette.com
