EY, one of the Big Four consultancy firms, is eyeing a move to Paradise, MEPC's circa £1.2 billion office scheme in the centre of Birmingham, CoStar News can reveal.
The firm's Birmingham team is based at 1 Colmore Square, where CoStar data shows it occupies around 63,000 square feet across multiple floors. But bosses activated a requirement for new offices in the last 18 months.
Market sources reveal it has made Three Chamberlain Square its primary target, where it is in advanced talks to take an initial 60,000 square feet at the wider mixed-use development.
Sources added that the firm is looking to secure an option to take an additional 30,000 square feet at the property, should it need to grow into the space in the future. JLL is advising EY.
CoStar News understands that the firm is in the process of renewing its deal at 1 Colmore Square in the short term while it completes its move to Paradise.
It would be the latest large office requirement to land in the city, following Global Banking School's move to 69,000 square feet at Macquarie's 1 Brindleyplace. National Highways also took circa 59,000 square feet at Three Snowhill earlier this year in a deal revealed by CoStar News.
Three Chamberlain Square is a 10-storey, 189,000-square-foot office in the city centre, next to Birmingham Town Hall. It is the only active office construction scheme in Birmingham and follows sister offices One and Two Chamberlain Square.
Firms in occupation at the two other offices, which comprise a combined 239,000 square feet of Grade A office accommodation, include fellow Big Four firm PwC as well as law firm DLA Piper, flexible office provider Cubo and engineering business Atkins.
It comes as EY carries out a process of refreshing its UK office stock, having moved into 25,000 square feet at MEPC's 11&12 Wellington Place in Leeds earlier this year. It is also reportedly on the hunt for new premises in London.
Agents have tipped Birmingham for a strong finish to the year with the city's total annual take-up reaching 717,484 square feet across 71 deals by the end of the third quarter. This compares to circa 703,000 square feet across the whole of last year.
Avison Young and CBRE are leasing agents at Three Chamberlain Square. MEPC, JLL and Paradise declined to comment, while EY and CBRE were approached for comment.