ISG carrying out £150m fit-out work at scheme for Deutsche Bank which had been due to finish 18 months ago

Landsec has confirmed it finally handed over Sir Robert McAlpine’s delayed 21 Moorfields project to Deutsche Bank last month with the bank hoping to move its first staff into the office above Moorgate tube station early next year.

The £350m job has suffered from a series of delays with the scheme originally due to have finished in March 2022 before being given a series of revised deadlines.

The latest was set for March this year and was revealed after Lendlease paid Landsec more than £800m for the 17-storey scheme, which has been designed by Wilkinson Eyre.

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The 17-storey block has been built above Moorgate tube station

This deal announced last September said “Landsec will retain the responsibility for completing the development, with practical completion expected in Q1 2023”.

The reasons for the delays have not been revealed but it is understood the job, which at peak had around 1,000 workers on it, was hit by the impact of covid, along with some changes to the building’s design around the atrium and its height.

And a dry-lining firm and its sister plastering company, both of which were working on the scheme, collapsed into administration last summer. McAlpine’s project director on the job, Bob Kay, also left in February last year to join Mace.

>>>See also: Over the line: How 21 Moorfields was built above a station

Landsec said the “vast majority” of the site has now been handed over in sectional completions.

The building will be Deutsche Bank’s new London headquarters and in a statement Landsec told Building: “We completed the main building and handed occupancy over to Deutsche Bank for fit-out in August.”

ISG has begun fit-out work with the estimated cost of its contract understood to be north of £150m.

McAlpine, which declined to comment, is believed to have several dozen staff still on the job as it completes remaining work.

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McAlpine still has staff on the job after the scheme was handed over to Deutsche Bank last month

Landsec added that “final external works will be completed in the coming days” and in a statement Lendlease said: “We’re expecting Landsec to complete final works of the 21 Moorfields development imminently.”

Deutsche Bank, which is currently based at nearby London Wall, is eyeing a phased occupation of its new home with the finance firm believed to be looking at taking two floors of the building in the coming months. It is unclear how long the remainder of the building will take to fit out but it is likely to be well into next year with ISG understood to be struggling to access parts of the job as internal work is completed. Deutsche Bank declined to comment.

The 21 Moorfields building runs across 550,000 sq ft and includes football field sized trading floors, office space, restaurants, retail, six roof terraces and a multi-level wellness centre.