Partners Group, the global private markets investment manager, is to develop a 245,000 sq ft Grade A office building at 80 Fenchurch Street, EC3, with joint venture development partner Marick Real Estate.
The site purchase completed at the end of April 2015 and project costs are expected to reach £200 million. Demolition of the current vacant building will take place at the end of June 2015, and construction will begin on the new structure in early 2016, with projected completion by the first quarter of 2018.
The office building will be 14 storeys high, with the detailed design developed by architects TP Bennett to the highest City specification and will include a series of impressive tiered roof gardens. Recent design improvement driven by Marick will future proof the investment by providing “best in class” specification to achieve full BCO 2014 compliance and BREEAM “Excellent” along with increased structural grid spans, denser occupation, natural daylight improvements and capacity to accommodate dealer floor requirements.
Knight Frank and JLL are instructed as office leasing agents.
Angus Goswell, partner, City leasing team, Knight Frank, commented; “The location of the building is superb, ideally located on a key “bridge” pitch linking the core City markets with the fast emerging TMT driven eastern sector”
Neil Prime, Head of Office Agency at JLL added; “Not only will this building be delivered at a great time of the market cycle; the new owners have also revised the design to further improve its appeal to occupiers.”
Stuart Keith, Vice President, Private Real Estate, Partners Group, comments: “The recent rebound in the UK economy has created a significant supply-demand imbalance in the City of London in terms of Grade A office space, with vacancy levels close to historic lows and rents steadily climbing. 80 Fenchurch will be perfectly placed in terms of location, timing and quality of build to capitalize on this attractive market opportunity.”