CBRE Investment Management (CBRE IM) and King Street Real Estate, in partnership with Arax Properties, have secured the refinancing of 280 Bishopsgate, the Grade-A sustainable wellness-focused office scheme in The City of London. The new facility will repay an existing loan on 280 Bishopsgate that is reaching maturity.
“Refinancing risk continues to be significant in the current market,” said Christina Forrest, EMEA Head of Value-Add Funds at CBRE IM. “We are therefore delighted that with our partners King Street Real Estate and Arax Properties, we have been able to secure this refinancing on competitive terms. We received an exceptionally high number of offers for the refinancing from a variety of leading banks and debt funds, which is a testament to 280 Bishopsgate’s quality and strong covenants.”
“An uncertain lending environment has created an opportunity for property-focused investment managers like us to access high-quality real estate at a different point in the capital stack,” said Martin Farinola, head of real estate debt strategies at Delancey. “We see there being continued demand for Grade A-plus offices in super-prime locations, such as 280 Bishopsgate, as blue-chip occupiers require best-in-class space that reflects their corporate values and appeals to top-tier talent.”
The address is 280 Bishopsgate, located in the heart of the City of London, at a prominent position on the east side of Bishopsgate, directly opposite Liverpool Street Station. The building underwent a full redevelopment and spans c. 25,548m2, with 12,451m2 being pre-let to leading global law firm Baker McKenzie on a 15-year term. Abrdn and Cognizant are also occupiers at the 100% occupied scheme with an 11-year WALB.
Wellness and sustainability are central to the refurbished 280 Bishopsgate’s design. It incorporates a unique, c. 787m2 MoreySmith-designed dual reception spanning the full length of the building and connecting Bishopsgate with the green spaces of Bishops Square, Spitalfields.
Private terraces are provided on every floor, with lift access to the extensive communal roof gardens and on-site Wellness Suite. 280 Bishopsgate has achieved BREEAM Outstanding and an International Well Building Institute accreditation of Platinum, alongside CyclingScore and WiredScore Platinum.
CBRE Debt & Structured Finance arranged the finance facilities.
Image provided by SECNewgate.
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