LGIM Real Assets (Legal & General) is investing in digital infrastructure as part of a further roll out of its Capsule flexible workspace model at 120 Aldersgate, London EC1.
Legal & General is partnering with leading connectivity provider Backbone Connect to install high-capacity fibre connections and hardware at the building, which has been extensively refurbished to provide Cat-A and fitted office space.
Backbone Connect will focus in particular on the second and fifth floors of the block which Legal & General intends to lease as fully fitted offices, with flexible rent arrangements on offer. The investment means that floorspace will be ready for tenants to move into immediately, avoiding the need for wayleaves which can delay moving times by three months.
Dan Gilbert, Connected Buildings Team Manager at Backbone Connect, said: “Good digital infrastructure is as essential to the modern office as running water and it has to be part of any plug and play workspace model. In the current market, it has become more and more important to minimise upfront capex costs for occupiers and to deliver a great customer experience. Legal & General has responded to this by investing in best-in-class connectivity for tenants in its Capsule spaces. It’s a real opportunity to differentiate assets like 120 Aldersgate, delivering a smoother move-in experience and removing the need for tenants to pay high set-up costs.”
Andrew Mercer, Office Sector Lead at LGIM Real Assets, said: “Our partnership with Backbone Connect at 120 Aldersgate will future-proof our investment for years to come, and is testament to Legal & General’s drive to provide a superior occupier experience. As occupiers review their leasing commitments, the assets that offer high-quality personalised space in desired locations, with excellent connectivity, will be the ones that stand out. Real estate owners must meet – and exceed – occupiers’ expectations, with digital infrastructure forming a fundamental part of how they can ensure buildings are fit for purpose in a post-Covid world. We’ve already seen a fantastic response to our Capsule concept, offering the best of serviced spaces coupled with the security of leasing from an established provider.”
Backbone Connect has also been appointed as a preferred supplier of connectivity services across Legal & General’s UK offices portfolio.