London office complex to become Invesco Real Estate’s first carbon neutral re-development

Invesco Real Estate (Invesco), the US$89.9bn global real estate investment business of Invesco Ltd., has announced that 20 Manchester Square (20MS), a prime office building in the West End of London currently being re-developed, will be its first carbon neutral re-development on completion in 2024.

Invesco acquired 20MS in 2013 as part of its flagship core programme, which is 5* GRESB-rated. By focusing on its attractiveness as a distinguished core building in a unique location, Invesco is recycling or retaining some 72% of the original building structure, including the concrete frame and external walls, during the redevelopment, thus putting sustainability at the forefront of the project. The building is also targeting BREEAM Excellent[1] and Wired Platinum.

20MS is being re-designed by Squires Architects in conjunction with Gerald Eve planning consultants and Gardiner & Theobald. The plan includes an increase in the net internal floor area by 20%, the creation of over 2,200 sq ft of external roof terrace space on an additional floor, and upgraded occupier amenities including facilities for active commuters. On completion the building will comprise 79,000 sq ft of prime Central London office space with open floor plates, as the building’s core is moved to the rear of the site. Its reception will be larger and front directly onto Manchester Square, with natural light being maximised while respecting the heritage of the historic square.

Rory Morrison, Managing Director of Fund Management, Europe at Invesco, said: “As a key office asset within our pan-European portfolio, the initiative to upgrade 20MS is an exciting opportunity to introduce ‘future-proof’ characteristics within a majority retained structure, with a particular focus on ESG where we believe the opportunities to do so ultimately aim to maximise the experience for our tenants and performance for our investors.”

Lazard, a leading financial advisory and asset management firm, has already been announced as the long-term tenant for 20 Manchester Square having signed a 15-year agreement in what will be its London head office, with the firm set to occupy the entire building. Invesco Real Estate will continue to enhance ESG performance once the building is occupied, in terms of Wellness and operational carbon.

Ed Ginn, Director of Investment Management at Invesco, said: “We are creating a first-class building in terms of floor plates and amenities in one of Central London’s best garden squares. 20 Manchester Square is also a great example of how Invesco is driving ESG efforts in real estate throughout the building lifecycle, with the aim to create and enhance value for clients through improved ESG integration.”

Eva Aftab at Gardiner & Theobald said, “We are delighted to be working on this project which has deep sustainability credentials at its heart, including the considered reuse of materials, ambitious goals and a focus on the health and wellbeing for tenants. We look forward to continuing to work with the team to deliver this exciting new workspace.”

Ian McCarter at Knight Frank said, “This is positive news for the London office market and reinforces the flight to quality we have seen in a post-Covid world. Today’s office occupiers are seeking the best to attract and retain the talent in their business. 20 Manchester Square is delivering exactly this product.”