Scottish Widows Investment Partnership (SWIP), now part of Aberdeen Asset Management, has announced the completion of a new headquarters building for BP at 2 New Square, Bedfont Lakes, Heathrow. The international oil and gas company has now completed on a new 15-year lease.
2 New Square became vacant when IBM vacated in March 2012. The building has undergone a £22.5 mln (approx. €27.9 million) comprehensive refurbishment and extension to deliver a new Grade A office building and has achieved EPC B and BREEAM Excellent ratings. Originally comprising 110,000 ft² (approx. 10,220 m²), a bespoke redevelopment solution was provided for BP to infill the existing atrium and create four new external cores to meet BP’s requirement for 135,000 ft² (approx. 12,541 m²).
The pre-let to BP represents the largest letting in Heathrow in the last five years and marks full occupancy at Bedfont Lakes where Birdseye, the UK Boarders Agency, IBM and Lindt are also located.
BP already occupied 68,000 ft² (approx. 6,320 m²) at Bedfont Lakes in three separate buildings and the acquisition of 2 New Square will enable them to relocate from their two offices at Stockley Park.
Darryl Tidd, Investment Director, property, at Aberdeen Asset Management commented: “To deliver a project of this scale in less than 15 months from receipt of planning and in around 2 years from the original lease expiry has been a challenge but one that we are delighted to have met, endorsing our track record of successful development through real tenant engagement. We are pleased to deliver BP’s new headquarter building on time, having worked with them to create a high quality office with sustainability credentials that are rarely seen in refurbishment projects. As one of the South East’s largest corporate occupiers we are proud to have provided them with a modern workspace solution.”
Strutt and Parker acted in conjunction with JLL on behalf of SWIP Real Estate; BP was advised by JLL.