Professional services firm EY has completed its deal to relocate to Federated Hermes' £1.2 billion Paradise development in Birmingham, taking more space than it announced, CoStar News can reveal.
In February, EY confirmed it had agreed heads of terms to move into circa 70,000 square feet at Three Chamberlain Square across the top three floors, with an option to take additional space. The firm said it would leave its long-term Birmingham home One Colmore Square next year.
Market sources have confirmed to CoStar that EY completed its deal at Three Chamberlain Square in October and exercised its option to taken two additional floors, taking its overall footprint to just shy of 94,000 square feet.
The deal is one of the city's largest of the year and is a boost for the Birmingham office leasing market, with take-up for the first three quarters of this year reaching 361,448 square feet, down on 751,425 square feet at the same stage last year.
CoStar News understands that another professional services firm is looking to take space at a different building in Paradise, which will have more than 2 million square feet of office accommodation across all phases. The scheme is managed by MEPC.
EY will join a number of professional services and finance firms at Paradise. PwC was one of the early entrants at the scheme, taking the whole of One Chamberlain Square, more than 150,000 square feet. Goldman Sachs and Quilter Cheviot are both based at One Centenary Way.
JLL acted for EY, while CBRE and Newmark are the appointed leasing agents at Paradise. EY and Federated Hermes declined to comment.