Standard Bank has exchanged contracts to move to Hermes Real Estate’s 20 Gresham Street development in the City of London.

The South African bank has since the deal was agreed in May agreed to take additional space and is taking 151,250 sq ft of office space.

It will occupy 120,000 sq ft of pace on the ground, first, second and third floors and has reserved a further 31,500 sq ft on the fourth floor for further expansion. It will pay £47.50/sq ft for the ground floor, £57.50/sq ft for the lower floors and £60/sq ft for the fourth floor.

Standard Bank has signed a 10-year lease at the scheme which will complete in around three weeks time.

Hermes is now marketing the balance of the building on a floor by floor basis.

Tim Turnbull, director at Hermes Real Estate, said: ‘We are delighted to have secured such a quality occupier as Standard Bank for this landmark scheme and we are in advanced negotiations with others for the remaining space.’

David Duffy, CEO at Standard Bank, said: ‘Our move to 20 Gresham Street represents an important new step in the continued growth and development of Standard Bank in international markets.’

City Offices Real Estate is development manager.

Spring 4 advised Standard Bank which will relocate from Cannon Bridge House. Jones Lang LaSalle and DTZ are letting agents for 20 Gresham Street.