A global private investment management company has confirmed it is developing a £200m office block in the heart of the City of London.
Swiss-based Partners Group is joining forces with Marick Real Estate to jointly develop the 245,000 sq ft Grade A office building at 80 Fenchurch Street. Demolition of a vacant building on the site will start by the end of June, with construction of the 14-storey block underway by early 2016. The EC3 project is slated for completion by 2018.
Designed by architects TP Bennett, the office tower — which will also include a series of impressive tiered roof gardens — will occupy what the developers describe as “a prime City location close to transport links and other amenities”. Knight Frank and JLL have been retained as letting agents.
Explaining the timing of the scheme — which the development partnership signed at the end of April — Stuart Keith, Vice President, Private Real Estate at Partners Group, said: “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.
‘This project at 80 Fenchurch will, therefore, be perfectly placed in terms of location, timing and quality of build to capitalise on this attractive market opportunity.”
Claude Angéloz, Partner and Co-Head Private Real Estate at Partners Group said the choice of site fitted perfectly with his company’s strategy of selectively developing core properties that meet end-user demand in markets with strong fundamentals.
“It is a great site in a prime location and the finished building will be a notable addition to the City of London’s stock of attractive and premium-quality office properties,” he added.
Knight Frank City Leasing Partner, Angus Goswell, also highlighted the location of the development, saying that it will link the core City market with the emerging eastern sector.
JLL’s office agency head, Neil Prime, 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.”
Founded in 1996, Partners Group is headquartered in Zug, Switzerland, with 45 per cent of its shares held by its employees and partners. Partners Group manages its $45bn (£29.2bn) portfolio of assets for an international clientele of institutional investors, private banks and other financial institutions. It has a dozen offices on four continents.
