Partners Group, the global private markets investment manager, is developing a Grade A office building at 80 Fenchurch Street in the City of London on behalf of its clients. Its joint venture development partner is Marick Real Estate and the total project costs are expected to be £200 mln (approx. €283 mln). The transaction completed at the end of April 2015.
80 Fenchurch Street is a prime location in the City of London, close to transport links and other amenities. The development project will include the demolition of an existing, vacant building on the site, which is due to take place at the end of June. Construction of the new building will commence in early 2016, with completion expected by the first quarter of 2018. The new building will be a 14-storey, 22,761 m² office building offering Grade A office space with design features including a series of tiered roof gardens.
Stuart Keith, Vice President, Private Real Estate, Partners Group, states: "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."
Source: Partners Group