British Land, the proud owner of Broadgate complex situated in London is in a dilemma on selling one-third part of the property in the wake of rumours of UBS AG planning to shift out. UBS has been reducing its expenses this year. They have already laid off around 7,500 employees and are looking forward to move into their own construction of four blocks in a nearby land purchased by the company in 2005.

The Company has been reported of holding consultations with Jones Lang LaSalle Inc., a broker, for proceeding with its plan of the construction and consolidation of the existing office space. The blocks are being planned to be built in a plot of land owned by the company across the street as was disclosed by some of the employees, who did not want to be named for reasons of privacy. The company is on lease and the conditions do not prohibit vacating of the Broadgate deskspace within a period of five years.

If the rumours come true, British Land will incur losses to the tune of 50 million pounds by the end of 2015 due to the decision by UBS to move. This consideration has already stayed the execution of plans by British Land to sell off a part of the property.

A number of office buildings, ice skating rink, shops, and restaurants constitute the Broadgate complex, which is worth a total of 2.3 billion pounds. The sale that would have meant loss of around one third of rentals has been put on the backburner till UBS decides its stance on keeping or giving up its lease. If UBS decides to give up or even substantially reduce its office space, British Land will find it much more difficult to offload some share in the property.