Plans by the owners of Broadgate Square , the City of London’s largest office complex, to knock down two buildings to create a new U.K. headquarters for UBS AG may be derailed by historical preservation efforts, worsening a shortage of new space in the capital’s main financial district.
A plan by British Land Co . and Blackstone Group LP to build a new office block in the City of London financial district received a setback after a state- funded preservation group said the site should be protected.
London Underground’s headquarters, the U.K. capital’s first skyscraper, was granted the highest level of protection from demolition because of its “outstanding architectural interest,” the government said .
British Land Co., the U.K.’s second- largest real estate investment trust, will proceed with plans to construct an office building for UBS AG at the Broadgate complex after the government rejected a proposal to protect the site from redevelopment.