The Wayback Machine - https://web.archive.org/web/20220226193445/https://www.nytimes.com/1984/04/12/business/barclay-s-will-build-a-headquarters-on-wall-st.html
Skip to contentSkip to site index

BARCLAY'S WILL BUILD A HEADQUARTERS ON WALL ST.

By Agis Salpukas

Credit...The New York Times Archives
See the article in its original context from
April 12, 1984, Section D, Page 3Buy Reprints
View on timesmachine
TimesMachine is an exclusive benefit for home delivery and digital subscribers.
About the Archive
This is a digitized version of an article from The Times’s print archive, before the start of online publication in 1996. To preserve these articles as they originally appeared, The Times does not alter, edit or update them.
Occasionally the digitization process introduces transcription errors or other problems; we are continuing to work to improve these archived versions.

Barclays Bank International said yesterday that it would build a $200 million North American headquarters on Wall Street. The 36-story structure is expected to open in the latter half of 1986.

Brian G. Pearse, chief executive officer of Barclays North America, said the new headquarters ''underscores Barclays's commitment to expand in the United States.'' He added: ''The U.S. economy is one of the most robust and stable in the world. Barclays wants to play a greater role and to contribute to its success.''

Barclays is the largest bank in Britain and the sixth-largest bank in the world. Its new building will be developed by London & Leeds, which is the American real estate arm of the Ladbroke Group, a British company.

Financing Arrangements Made

Financing for the 640,000-square- foot building has been arranged by a consortium of institutional lenders, with construction loans provided by the Manufacturers Hanover Trust Company, according to Kurt K. Kilstock, president and chief executive officer of London & Leeds.

The last large buildings to go up on Wall Street itself, 95 Wall Street and 100 Wall Street, were constructed 15 years ago.

Raymond O'Keefe, senior vice president and branch manager at Cushman & Wakefield Inc., the commercial real estate concern, commented on today's office rental situation in the financial district. ''There is a lot of space being built and a lot of construction being planned,'' he said. ''At the same time there is a very high level of demand.''

Office rental rates in existing buildings are about $38 to $44 a square foot, Mr. O'Keefe said, with space in buildings still in the planning stage expected to rent for about $45 to $60 a square foot.

Use of Space in New Building

The lower 28 office floors of the new Barclays building will each offer about 18,500 square feet of space. The upper eight floors are gradually set back and thus are slightly smaller.

Barclays plans to use 16 floors of the building, including the top two floors. Kenneth Atkinson, executive vice president of Barclays International, said the rest of the building would be rented out.

''We are confident that we will be able to attract the right sort of tenant that we would like to have as occupants,'' he said. ''Construction is to begin within seven days.''

The public plaza south of the building is contiguous with the arcade wrapping around the building. A 13- story Barclays building now on the plaza site will be razed when the new building is completed.

The plaza, made of brick pavement with granite divider strips, will be landscaped with a grove of trees and will have seating so people can watch a waterfall.