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City fringe mixed use scheme

Retrofit to start

London Offices – An Olympic Year?

Central London - a Sack Full of Refurbs

Tower to start

King's Cross Central pre-let

Inquiries on the up

Southbank space revamp

Midtown consent

London Office Market – Special Report

HQ plans submitted

Moorgate consent

Extension plan in EC2

Kings Cross starts

Kings Cross start

KIngs Cross deal signed

Docks scheme could be revived

Redevelopment may follow purchase

Leadenhall triangle site bought

Midtown scheme deal

Midtown scheme planned

City scheme to start

Contractor appointed

Hammersmith consent

HQ architect appointed

Midtown scheme deal

December lettings

Site for HQ purchased

Southbank opportunity

Letting for Midtown scheme

Midtown redevelopment plan

Grand Designers: Top 10 Architects: Central London Offices 2000 - 2020

Developer's major pipeline

Central Cross plans

Consent for EC4 scheme

Pre-lets in EC3

Offices approved in WC2

Baker Street refurbishment plan

Paddington discussions

Application for WC1 offices

Paddington consent

GPE to start schemes

Fresh start at Crossharbour

Availability down

City fringe scheme for summer 2010

UAL plans

Office tower approval at Aldgate

Refurbished office let

New buildings for Paddington

Shell tower hiccup

New Battersea plans

Kings Cross consent

Kings Cross start

SE1 refurbishment pause

Consent for Mayfair refurbishment

Hotel to replace offices

West End refurbishment

Kings Cross start

Argent to start

Consent for HQ

Paddington fills

Scheme redesign in WC1

Soho start

Angel scheme under way

Tenders in EC4

Pre-let confirmed

EC1 pre-let

Paddington start

GPE gears up for refurbishments

Midtown scheme letting

City office revamp application

Pre-let for Midtown refurbishment

Refurbishment start in WC1

Demolition start in EC4

Consent for midtown offices

Paddington scheme revived

Collingwood House update

Fabbriche start on SW1 block

Islington office plan

Consent for £100m Soho scheme

Walbrook Square rumour

Central St Giles starts

Centrium ahead

Consent for major EC4 scheme

Shell seeks developer

Another Docklands start

Oracle plans revision

City demolition start

Application for EC4 scheme

Paddington phase 2

Mixed-use scheme for SW1

Application for huge City scheme

Phase 2 submission in Aldgate

Kingdom Street start

Kings Cross gets outline consent

More offices for E1 site

Refurbishment for SE1

Paddington start for 2006

Office construction for E14 site

Shortlist for DevSec Paddington scheme.

London Offices – An Olympic Year? - Subscribe to find out

After a fairly average year for the central London office market, which in the context of a struggling economy and a moribund regional office market, is really good news; we look at the prospects for the Olympic 2012 and beyond. What does the year hold in store for both occupier and development activity in London? Subscribe to find out..... - (01-03-2012)

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January total up

Central London office lettings in January 2012 reached a healthy 850,000 sq ft. The total was underpinned by UBM's 103,000 sq ft pre-let of part of 240 Blackfriars Road in London, SE1. Other Grade A lettings included deals at Heron Tower, 200 Aldersgate Street and The Peak in Victoria. The Core saw 500,000 sq ft of deals compared to 350,000 sq ft in the fringe in a total of 40 transactions over 5,000 sq ft. - (15-02-2012)

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Cityoffices London report

A new report from Cityoffices and Metropolis looks ahead at the London office market in 2012. Amongst its conclusions are that the trend towards refurbishments in central London will continue, with dozens of office revamp schemes lined up to go ahead this year, including 1 Threadneedle Street, 36 Queen Street and 51 Eastcheap. 2011 saw 50 new development starts, of which over 70% of these were refurbishments. - (10-02-2012)

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Glasnost - Online Project, Contact & Image Management

December lettings

December 2011 office lettings for central London reached 850,000 sq ft. The recent trend of deals migrating to the fringes, slowed this month with 72pc of transactions occuring in the core areas. This brought the yearly total to 8.7 million sq ft in lettings over 5,000 sq ft. - (27-01-2012)

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Central London - a Sack Full of Refurbs (Summary)

CityOffices has just completed its bi-annual survey of the central London office development market. Despite the national economic woes and the virtual stagnation of office construction in UK regional markets, there are now 52 office schemes under construction in central London totaling 8.1m sq ft. In comparison, at the beginning of the year there were 39 schemes underway totaling 7m sq ft.

Subscribe for full details. - (09-12-2011)

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October London Office Deals

October 2011 office lettings in central London proved to be sluggish, with only just over 600,000 sq ft transacted in 36 deals over 5,000 sq ft. This total compares to over a million sq ft in September. The month was underpinned by an 87,000 sq ft letting to Deloitte in the City. Elsewhere, fringe areas saw almost as much activity as the core and lettings of Grade A space dropped. - (29-11-2011)

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London Office Market – Special Report - Summary

CityOffices has produced a special report on the prospects for the London office market. The report, available free of charge to subscribers, looks at the number of new office requirements being launched into the market in 2011 compared with 2010 (with examples), and sets this in the context of future lease expiries in 2012 and 2013. The report also looks at the trends in the London office construction market and picks out the areas which are likely to see most growth in the next two years. Highlights include:

- 342 office requirements in first half of this year representing 9m sq ft of office demand
- Potential 7m sq ft of leases expiring in next two years
- 7.3m sq ft of Grade A central London office space currently under construction and available in Sep 2011
- Overall 17.2m sq ft of office space available for letting in the next three and a half years - (07-10-2011)

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August take-up rebounds

Central London office take-up in August 2011 reached 802,000 sq ft, according to latest figures from Cityoffices. This total was a modest improvement on the slightly subdued months of June and July, but was underpinned by a 275,000 sq ft letting to EMA in Docklands. Figures refer to deals of 5,000 sq ft and over only. - (29-09-2011)

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Kings Cross pre-let

Camden Council has agreed to pre-let 11,782 sq m (126,818 sq ft) of offices on the 4th-10th floors at the soon to be constructed 17,187 sq m (185,000 sq ft) 3 Pancras Square in London, N1. The building will be developed from late 2011 by King's Cross Central Limited Partnership (KCCLP) for completion in 2014. Architect David Chipperfield. - (26-08-2011)

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May London Office Take-up

Office lettings in central London bounced back to just under 1 million sq ft in May 2011 in new research by Cityoffices. Large lettings to Google and Aon helped underpin the total, together with some stronger letting activity in the West End. A large number of leases were for around five years, illustrating the fluid state of the market. - (16-06-2011)

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Major letting for midtown scheme

Google, the US internet group, is taking 14,864 sq m (160,000 sq ft) of offices on the entire fourth, fifth, and ninth floors, and part of the third and sixth floors at the recently-completed Central St Giles scheme in London, WC2 on a 10-year lease. CB Richard Ellis acted for Google UK. - (27-05-2011)

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Towering Ambition

London’s next development cycle is now well underway with some 30 office schemes starting in the last six months, amounting to 510,962 sq m (5.5m sq ft) of new space coming on-stream.

Skyscrapers are topical again, and in this CityOffices newswire we look in detail at the unprecedented ‘clutch’ of new office towers (defined as 20+ storeys) nearing completion, underway and planned.

The last development cycle saw completion of the 37,160 sq m (398,000 sq ft), 34-storey Broadgate tower, EC2, now largely fully let; the 38,740 sq m (417,000 sq ft) 36-storey 125 Old Broad Street, EC2 has only 5,000 sq ft still available; the 55,091 sq m (593,000 sq ft), 36-storey Ropemaker Place, EC2, which is fully let; and the 25-storey, 30,750 sq m (331,000 sq ft) Drapers Gardens scheme in Throgmorton Avenue, EC2, which was pre-let.

All the above towers are in the City of London and interestingly there were no skyscrapers completed in Canary Wharf in the last cycle, or, less unusually, in the West End, Midtown or fringe. The almost-complete 59,921 sq m (645,000 sq ft), 46-storey Heron Tower in Bishopsgate, EC2, will end the tower building activity for the 2006-2011 property cycle.

The next cycle will see completion of the 75,901 sq m (817,000 sq ft), 80-storey, Shard, SE1 in 2012; the 63-storey, 111,482 sq m (1.2m sq ft) Pinnacle, EC2, in 2013; the 37-storey, 79,895 sq m (860,000 sq ft) 20 Fenchurch Street, EC3 (Walkie Talkie) and 47-storey, 67,075 sq m (722,000 sq ft) Leadenhall Building (Cheesegrater) both in 2014.

Schemes which are not yet under construction and may be completed in the next cycle are the 40-storey, 71,534 sq m (770,000 sq ft) 100 Bishopsgate, EC3, where a 2011 start is envisaged; the 22-storey, 27,870 sq m (300,000 sq ft), 60-70 St Mary Axe, EC3 (Can of Spam); and the 21-storey 93,440 sq m (1m sq ft) Aldgate Place, E1.

Elsewhere, a possible 20-storey plus scheme is being designed for Elizabeth House, and a 31-storey scheme for Kings Reach House, both in SE1. At Canary Wharf, the 2m sq ft redevelopment of Heron Quays is planned to include a 33-storey tower and there are still outstanding proposals for a 43-storey part office tower at Crossharbour; a 43-storey tower at Millharbour; and a 63-storey tower at the site formerly known as Columbus Tower in E14. In the West End, plans for the Victoria Interchange include a tower of up to 20-storeys.

The question is how successful are these new towers likely to be? The Gherkin (30 St Mary Axe) in EC3, has rapidly became a London icon, but 10-years ago, post 9/11, it was very slow to let, with over 50% still vacant on completion. Other high-rise buildings such as Centrepoint in the West End and 1 Canada Square at Canary Wharf were slow to let in the early days. Despite these examples developers seem keener than ever to build towers.

In total some 315,868 sq m (3.4m sq ft) of office space is under construction in five office towers, but still available, with a further 260,126 sq m (2.8m sq ft) in towers that could start in 2011 or 2012. These are big numbers, however, to put it in context, the City of London saw lettings of new unoccupied office space of 260,126 sq m (2.8m sq ft) in 2010, so a single year’s take-up could almost fill them. The five towers will be completed over a four-year period, during which they will currently face limited competition from newly completed, large, low-rise schemes in the City.





Experience from completed towers such as Broadgate Tower, 125 Old Broad Street and Ropemaker Place shows that the majority of lettings tend to be signed-up after the development has been completed. In general, only a small proportion of a tower’s floorspace is pre-let before completion. However, the experience of the recent letting of 17,744 sq m (191,000 sq ft) to Aon at the Leadenhall Building may indicate a more active pre-let market than previously for the new London towers.

An analysis of the occupiers of recently completed towers shows that the major share (51%) is taken-up by financial services with professional services (including law), in second place (23%). With the just two sectors accounting for 74% of deals done it is no wonder that these are the main targets for developers and their agents. .



An unusual ‘bulge’ of lease expiry and breaks due in the period 2013-15 has partly contributed to developers enthusiasm in starting new schemes in the last few months; and in-turn this has led to developers with refurbishment schemes to also leap into competitive starts to achieve completion before the towers come on-stream.

The future of the next generation of towers will depend on attitude of the 200 medium to large office occupiers in the City of London now actively looking for space, or with lease expiries due in the next four years. If occupiers show the same enthusiasm for high-rise working as those firms moving in the previous office cycle, then the new towers coming to the London skyline will succeed. it will just take a little time.

Andy King
Director
CityOffices.net

- (20-05-2011)

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March lettings fall back

Office lettings in Central London in March 2011 reached 700,000 sq ft, a little below recent monthly averages. Some 51 deals over 5,000 sq ft were reported. There was a fairly even split between the City and the West End with the biggest transaction the 112,000 sq ft letting to NBC Universal at Central St Giles. - (29-04-2011)

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London: 30 new office schemes in Q1

London Springs Forward

The first quarter of 2011 marked the beginning of a new cycle in London’s office construction. Since January 2011, Cityoffices research has revealed that 30 new office schemes have seen starts on demolition and construction work. Schemes such as Africa House, Howick Place, Grosvenor Hill, and 20 Fenchurch Street (full list at cityoffices.net) are just some of those now underway. When completed, these schemes will add over 5.5m sq ft to London’s available office space.

These 30 schemes appear to be speculative as none of the developers has yet announced a pre-let; although 30,000 sq ft is rumoured to be under offer at Waterhouse Square.

It is possible that the start on the two towers; 20 Fenchurch Street, by Land Securities, and the Leadenhall Building, by British Land, both in EC3, may have prompted other developers to get schemes underway and completed before the two towers are on-stream in 2014.

Almost half the new developments underway are refurbishments. Many of these refurbishments do not require planning permission and are being bought forward quickly for the period 2011 to 2014 to meet a perceived short-term ‘gap’ in office supply.



These refurbishments include the upgrading of former premises of large companies which have recently moved into new developments. Examples include the former Cancer UK HQ at 40 Kingsway, WC2, and the former DEFRA building in Page Street, SW1.

Our research shows that a further tranche of construction should be underway in the second quarter of 2011, with a number of developers now appointing construction teams and initiating archaeological digs in advance of spring/summer starts. CityOffices is now monitoring over 100 office schemes in central London that could start this year. - (12-04-2011)

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Developer stepping up programme

Great Portland Estates is planning to raise £160m via the international bond markets to fund its development and investment programme in central London. The property company, which has four London office schemes underway, is understood to be planning to sell two tranches of seven-year and ten-year bonds. - (08-04-2011)

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February 2011 London lettings

Central London recorded just under 800,000 sq ft of office transactions in 60 medium/large deals in February 2011. Although the City had the largest share with 40% of space transacted, there were relatively few lettings of brand new grade A space. It was a quiet month for financial services with more space let to professional firms. - (18-03-2011)

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London Bounces Back – The central London Fit Out Market 2006-2010

Launched at MIPIM 2011. The analysis identifies the Top 10 interior firms, architects, fit out contractors, and project managers involved with projects between 2006 and 2010. - (09-03-2011)

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Office Futures: London, Paris, Frankfurt

London looks set to trounce Paris (and Frankfurt) in terms of office development activity over the next three years, which is bound to rekindle old rivalries. Hopefully this ‘win’ will be repeated in this weeks England v France game, and the findings set the scene for a lively MIPIM property event in Cannes.

London and Paris have both seen a substantial contraction in the levels of office development over the last two-years and an upsurge in office take-up in 2010, which has eaten into available space.

London is heading for a sharp revival in office completions from 2012 onwards, while the Paris market appears to be looking at a slower recovery at the moment. In Frankfurt, like most other European cities, office completions peaked in 2010 and a continued slowing over the next two years is anticipated.

This London revival is in contrast to the start of the last property cycle, which saw major office developments in Paris kick-off at least nine-month before London. This time around London is ahead, and at least eight major office schemes are expected to start construction by spring 2011.

Any reports of new office construction in central Paris are sparse at present, although office shortages will develop and lead to an increase in development activity, particularly refurbishment. In Frankfurt there is an oversupply of new office space and the high proportion of vacant (and unlettable) older space means refurbishment, rather than new build, is likely in the short-term.

Looking ahead, we foresee that the development cycle in London will prove to be about 12 months ahead of Paris, with construction activity rising sharply in London in 2011, followed by the start of an upswing in Paris in 2012.

The predicted levels of office development activity to 2013 are however, still relatively low, and likely to produce a severe demand and supply imbalance (for quality space) in both London and Paris. It is expected that development activity will continue to increase to meet demand, with the peak of the next development boom being 2014-2015.






- (22-02-2011)

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January take-up slips

Central London office take-up in January 2011 slipped a little to 700,000 sq ft, after a strong December. The City accounted for nearly half the monthly total, while grade A transactions only reached 135,000 sq ft. Major deals were signed with Kroll, Friends Provident and Chicago Mercantile. - (16-02-2011)

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Surge in London Office Development

London Office Prospects 2011: 75m sq ft of lease expiry hopes drives market forward

A surge in London office development is coming, with major office buildings planned to come on-stream in 2012-2015 to meet an anticipated increase in demand.

This demand is expected to come from those occupiers, which took space in the mid 1980’s boom and early 1990’s, with leases coming to an end on what is now outdated space.

Our research on occupier ‘moves’ in central London indicates a potential of up to 17m sq ft of lease renewals due in 2011, and an average of about 15m sq ft a year of lease expiries a year up to 2015.

The question is “How much of this lease expiry-led ‘demand’ will result in new space being taken-up?”

The London office market is fairly consistent on office space take-up with the average being about 10m sq ft a year over the last decade. In these terms 2010 was above average with over 11m sq ft of office space taken-up, the majority in large pre-lets.

If half of lease expiries (say 7.5m sq ft) each year actually turned into office ‘moves’, this would then mean a further 2.5m+ sq ft of office demand would have to come from existing occupier expansion and new ‘start-ups’ to achieve even the average for annual take-up.

This would then mean occupiers would be renewing leases on around 7.5m sq ft of office space each year with the potential for refurbishment deals. In addition the 7.5m sq ft (or possibly more) of office space vacated by ‘movers’ could be returned to building owners and would need to be upgraded for letting.

To meet the expected lease expiry-led office demand a substantial supply of new Grade A development is needed in 2011, which is not going to arrive. Those occupiers with imminent lease expiries will be unable to find prime new office space and will therefore postpone moves, increasingly turn to pre-lets, or remain ‘in-situ’ and refurbish.

In 2011 development starts will be numerous (30+ is possible) but take-up is expected to be down on 2010 levels and the majority deals are likely to be smaller, perhaps under 4,645 sq m (50,000 sq ft).

The ‘volume’ of deals done in late 2010, combined with about 46,450 sq m (500,000 sq ft) of office space now under offer, will carry the fit-out market through to summer 2011. The office market will then become one of refurbishment and restacking until a new wave of occupiers starts to take up the developments coming on-stream from late 2012 onwards.





- (01-02-2011)

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Christmas 2010: 22% More Christmas Cheer - Official!

London office deals in 2010 are now 22% up - in terms of space taken - on last Christmas. CityOffices research has identified just over 11.1m sq ft of office deals in central London this year. This is the first rise in deals-done since take-up peaked in 2007. Recent pre-lets to Bloomberg, BNP Paribas and JP Morgan, have helped drive a strong final quarter of this year.

The take-up of Grade A recently constructed or refurbished space also shows a slight increase by 10%. Deals signed on prime space in central London account for 4.2m sq ft in 2010, compared to 3.8m sq ft in 2009.

The City of London has dominated deals this year accounting for 5.1m sq ft, or 46%, of total take-up. The West End saw just 1.8m, or 16%, of deals signed, with the remainder of lettings mainly focused on Docklands and ‘fringe’ locations.

Financial services came back strongly in 2010 and accounted for over 44% of space let. The next best performing sectors are professional services, media, and insurance, which together took 25% of space let.



The late surge in deals this year, and the large amount of space expected to be signed up in early 2011, means that the London fit-out market will be strong in the first half of next year. After that a reduction in available prime office space, and increasing rents, may lead to occupiers pre-letting, or undertaking short-term refurbishment and re-stacking, to await the next ‘wave’ of office buildings due to arrive in 2013.

So it looks like a Merry Christmas for all

Our best wishes for a prosperous 2011

The CityOffices team. - (24-12-2010)

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October take-up

October central London office lettings totalled 657,000 sq ft - a fall on recent months. Grade A lettings made up about half the total with 312,000 sq ft. The media sector made a strong showing in October, bouyed by Mindshare's 77,000 sq ft deal at Central St Giles. - (26-11-2010)

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London Offices – 2011, Looking Up

The central London property market seems to be at a turning point in terms of construction activity. It would seem that we are at the start of the next development cycle, with the prospect of major office projects starting in 2011.

CityOffices constantly reviews London’s office development projects. The latest ‘Skyline Monitor’ shows that a total of 11 schemes started on site during summer 2010. Schemes such as The Pinnacle in the City, 62 Buckingham Gate, SW1, and Park House in Oxford Street, W1, added a further 1.3m sq ft to office space under construction.

The current total office space under construction in London is 4.2m sq ft, comprising 2.4m in the City; 1.1m sq ft in the West End, 600,000 sq ft on the Southbank and 130,000 sq ft in Midtown.

The 4.2m under construction at present is low when compared to the 13m sq ft under construction two years ago, but does compares favourably with the mere five office schemes started this time last year.

This summer nearly 5.8m sq ft of offices were completed in schemes such as Minerva’s St Botolphs building, EC3; Derwent’s Angel Building, EC1; and Standard Life’s 95 Gresham Street, EC2. A number of lettings have been secured in these buildings and currently half of the 5.8m sq ft has been let, in line with the overall sharp reduction in prime office space available in central London.

CityOffices has identified 21 London office projects where demolition is either underway or the site has been cleared. It is anticipated that starts on around half of these before Christmas 2010, which could result in a further 1.5m sq ft of offices under construction by the New Year.



Looking forward to 2011, Cityoffices is currently tracking 110 office schemes in central London totaling over 22m sq ft, which have planning permission, and where the developer is thought to be considering a start in 2011. The short-list of developers lining up schemes to start next year includes British Land, Land Securities, Great Portland Estates, Helical Bar, and Exemplar.

The reason behind the increasing activity in central London is that Grade A office space availability is expected to hit a low point in late 2014 and rents are already rising to reflect shortages of prime space. Developers are keen to catch the next property ‘wave’ before it peaks and are trying to push ahead with developments. In reality not all these schemes will start but Cityoffices is tracking them all to identify the ‘winning’ development teams. - (19-11-2010)

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Top Architects 2000 - 2020

Over the last decade CityOffices.net has monitored office developments in central London. Our knowledge of past and future projects, and the development teams involved, allows us to provide a profile of the key market players.

This analysis of the Top Architects in London is based on office developments completed in the last 10 year and any under construction. The future ‘view’ on projects is based on our research into schemes with planning permission or at the pre planning stage.

The total amount of office space completed in central London over the last 10 years amounts to nearly 6.1m sq m (66m sq ft), with about 372,000 sq m (4m sq ft) currently under construction. This gives an average build rate of 585,280 sq m (6.3m sq ft) of new office space a year in central London.

Future potential office projects, where architects are appointed, amount to around 6.5m sq m (70m sq ft), certainly enough space for the next 10 years.


The Last Decade

The Top 10 Architects for office space built over the last 10 years have created about 3.3m sq m (36m sq ft) of new buildings. The clear leader is Foster + Partners with about 800,000 sq m (8.6m sq ft), or 24% market share, followed by KPF with 490,000 sq m (5.2m sq ft), or (14%).

The mid ranking is fairly close run between SOM, Sheppard Robson, Pelli Clarke Pelli and HOK, with an average of around 320,000 sq m (3.4m sq ft) of developments.

The last four architect places in the ranking account for around 180,000 sq m (2m sq ft) of projects each, and the position of these firms in future ranking could be threatened by rivals over the next few years.


Top Architects (London) 2000 - 2010 (Built Office Space)

1 Foster + Partners (24%)
2 Kohn Pedersen Fox (KPF) (14%)
3 Skidmore, Owings and Merrill (SOM) (11%)
4 Sheppard Robson (11%)
5 Pelli Clarke Pelli (10%)
6 HOK (8%)
7 Sidell Gibson (6%)
8 Rolfe Judd (6%)
9 EPR (5%)
10 Fletcher Priest (5%)



The Future!

The analysis of future office projects in central London shows the changing fortunes of firms. Although it must be said that until developments actually start on site architects can, and do, get changed!

On future office projects we are looking at nearly 3m sq m (30m sq ft) over the next property cycle (or two), so 2011 and beyond.

The ranking shows those firms set to lead design into the next decade.


Top 10 London Architects (London) - Future Office Buildings

1 Rogers Stirk Harbour + Partners (16%)
2 Pelli Clarke Pelli (14%)
3 Kohn Pedersen Fox (KPF) (14%)
4 Foster + Partners (13%)
5 Skidmore, Owings and Merrill (SOM) (11%)
6 MAKE Architects (9%)
7 Wilkinson Eyre (8%)
8 Foreign Office Architects (FOA) (5%)
9 Allies & Morrison (5%)
10 Sheppard Robson (5%)


Interestingly Rogers Stirk Harbour comes in at No1 in the ranking having been absent from the ‘past’ ranking. The firm’s 450,000 sq m (5m sq ft), or 16% of ‘future’ market share, is based around some major Docklands projects.

The next four places in the ranking (2-5) sees a reshuffle of firms from the ‘past’ ranking, reflecting the positions held over the last 10 years.

The lower end of the ‘future’ ranking is mostly newcomers to the Top 10. MAKE Architects, Wilkinson Eyre, Foreign Office Architects, and Allies & Morrison, account for 748,000 sq m (8m sq ft) of projects, as they look to increase their share of development activity in the London office market.

These ‘newcomers’ could now be set to overtake those firms established in the Top 10 of the past decade. However, that ‘overtaking’ relies on the developments progressing and the architect managing to stay on the project.

Andy King
CityOffices.net
20.10.10

Notes:
All office development details available at www.cityoffices.net
The rankings include all office schemes over 1,858 sq m (20,000 sq ft).
A Top 20 Architect (Built Office Space) list is available on request.

- (05-11-2010)

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Deals rise in September

Some 68 office deals over 5,000 sq ft were agreed in central London in September 2010. The total space let topped 1 million sq ft - one of the best months of the year so far. Over 276,000 sq ft of new transactions involved was new grade A space. Rents rose slightly. Leases averaged 9 years. - (14-10-2010)

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August take-up rise

August office lettings in central London amounted to 1.2 million sq ft according to research by Cityoffices. The total was helped by the sizeable 700,000 sq ft pre-let at 4 Broadgate, EC2 to UBS. Elsewhere, the market was quiet and only 28 lettings over 5,000 sq ft were recorded. - (15-09-2010)

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As cranes disappear ...

As cranes disappear from office development sites in central London the question is what are the triggers needed to start the next cycle of development. This comes down to supply and demand.

In the first half of 2010 take-up in central London was a healthy 5.7m sq ft, slightly up on the 5.6m sq ft of deals done in the second half of 2009 and comfortably ahead of the 3.2m sq ft of deals recorded in the first half of 2009.

The financial services sector has the most active with nearly 2m sq ft of office space taken up, followed by 690,000 sq ft taken by professional services firms and 330,000 sq ft by insurance companies.

In terms of area the City of London accounted for nearly 2.6m sq ft of the office space taken up, with Midtown take-up being 1m sq ft, and the take up in Docklands 700,000 sq ft. The West End managed a relatively slender 1.3m sq ft of space taken.

New requirements for office space in central London during the first half of 2010, amounted to around 4.1m sq ft, just ahead of levels in 2009.

So far in the second half of 2010 office deals continue apace as firms take advantage of rent deals. However, for the few remaining ‘iconic’ office buildings In the City of London and West End rents now seem to be be on an upward path.

The amount of available Grade A (newly completed or refurbished) office space in central London peaked in autumn 2009, with 12m sq ft being available in the City and 8m sq ft in the West End. Since then the take up of office space has reduced by 17%, with the amount of space available being 9.5m sq ft in the City and 7.5m in the West End. In total this is gives an availability to stock ratio of just over 7%, a fairly healthy level, when a ‘normal’ market is seen as being a ratio of 5%.

A reducing amount of office space, prospects of rising rents, and demand holding up, are the key signals for office construction starting again. Developers are already busy dusting off plans and clearing sites in anticipation of starts in 2011. The only thing holding things back may be development finance.

Andy King

Subscribe now - (10-09-2010)

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June lettings rise

Central London office lettings in June 2010 rose to nearly 940,000 sq ft in 38 deals of 5,000 sq ft and over. This brings London take-up for the first 6 months of 2010 to 5.7 million sq ft, matching the last half of 2009 and a 60% rise on the first 6 months of 2009. - (06-08-2010)

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April figures show slowing

Total office take-up in central London in April fell back to 600,000 sq ft, from an average of over 1m sq ft in the first 3 months of the year, according to figures from Metroinfo. Lettings of new office space held up well at 220,000 sq ft. But a shortage of secondhand and west end deals in the run-up to the election had an impact. - (10-06-2010)

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Lettings maintain momentum

Central London office lettings maintained their momentum in March 2010, with nearly 1.1m sq ft transacted. March was the fifth successive month when office take-up has topped 1m sq ft. The City accounted for nearly 500,000 sq ft, whilst a spate of large lettings around the NW1 postcode, in particular at British Land's Regent Place scheme, helped boost the west end. - (28-04-2010)

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London lettings surge again

Central London office lettings topped 1m sq ft again in February 2010, continuing the positive trend of the last six months. Although only 30 deals over 5,000 sq ft were signed, large lettings to Shell, LOCOG and Stephenson Harwood, pushed the total into seven figures again. Just over 100,000 sq ft was new, grade A, space. - (25-03-2010)

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Major scheme launch

Legal & General is launching its 500,000 sq ft Renzo Piano-designed Central St Giles office scheme in London, WC2, at MIPIM 2010. The scheme includes 400,000 sq ft of offices, with large office floors of 43,000 sq ft, plus 109 apartments and retail. Letting agents are Jones Lang LaSalle and Cushman & Wakefield. - (16-03-2010)

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Office lettings continue surge

Office lettings in central London in January 2010 topped 1.2m sq ft, according to figures from Cityoffices and Metroinfo. Some 60 deals over 5,000 sq ft were signed, including two large deals to Macquarie Bank and Blackrock. The insurance sector was particularly active. Over half (600,000 sq ft) of the office space let was recently completed, further shrinking the availability of new office floorspace. Rents edged higher. - (24-02-2010)

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Demolition start at Central St Giles

Demolition work is underway at Legal & General and Stanhope's Central St Giles scheme in London WC2. The 37,522 sq m (403,883 sq ft) development will provide 37,160 sq m (400,000 sq ft) of offices, 100 apartments in two residential towers, ground floor retail space and two public squares. Completion is expected in october 2009. - (16-03-2007)

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Centre Point up for sale

Centre Point, the Richard Seifert designed skyscraper, on Tottenham Court Road, London, W1, has been put on the market by its owners, a consortium of Deutsche Bank, Europa Capital Partners and Apollo Real Estate Advisors, for about £80m. The 32-storey 16,257 sq m (175,000 sq ft) tower, now listed, was built in 1964 and became a symbol of the worst excesses of the property development industry at the time. - (08-07-2005)

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Hammerson sees rents rising

Hammerson is predicting that the London office market will see rents rise in 2006 and fewer incentives being on offer this year. Hammerson has one-third of its portfolio in offices and a vacancy rate of 28.3%, mainly because of its four central London buildings. The comments by John Richards, chief executive, were made as Hammerson announced that John Nelson, former chairman of Credite Suisse First Boston, is to become chairman of Hammerson at the end of September, when Ronald Spinney retires as chairman. - (01-03-2005)

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Elephant & Castle project hots up

St Modwen, the developer, is said to be looking to bid for the redevelopment of the Elephant & Castle site in south London. The London Borough of Southwark is about to issue invitations to tender for the 71ha (170-acre) site. The scheme includes new office buildings, shopping centre, leisure uses and residential. Other groups thought to be preparing bids include Blackfriars Investments, with Royal London Asset Management, Berkeley Group, Hines, the US developer, and possibly Multiplex. The previous attempt by LB Southwark to find a developer partner fell apart in 2002. - (23-02-2005)

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Knight Frank predicts

Knight Frank is predicting that take-up in central London will rise from 1.2m sq m (13m sq ft) in 2004 to 1.7m sq m (18m sq ft) in 2008, a 38% increase. Available space is seen as falling from 2.5m sq m (27m sq ft) to around 1.0m sq m (11m sq ft) in the same period. The firm sees rents in the City of London as remaining around £484.38 per sq m (£45 per sq ft) in 2005 but rising to £645.84 per sq m (£60 per sq ft) in 2008. In the West End rents are predicted to rise from £807.30 per sq m (£75 per sq ft) to £861.12 per sq m (£80 per sq ft) and to £1,022.58 per sq m (£95 per sq ft) by 2007. The firm also considers that because only a few new-build West End developments are in the pipeline that this year will see a focus on refurbishments. - (14-02-2005)

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L&R buy Michael House

London & Regional Properties has acquired the long leasehold interest in the former central London headquarters of Marks & Spencer for £115m. M&S moved from Michael House at 37-67 Baker Street, London, W1, to Paddington last year. Jones Lang LaSalle advised M&S. - (05-02-2005)

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McAleer takes the Swiss

British Land has sold the Swiss Centre in Leicester Square, London WC2, to Northern Irish property developers McAleer & Rushe for a reported £47m. The most likely fate for the striking, but ugly, 9,300 sq m (100,000 sq ft) building is redevelopment into a mixed-used office and leisure complex. The new building is likely to include a hotel and recently the Irish hotel chain Jurys Doyle was linked to the site. It is worth noting that McAleer is Jurys regular contractor for its UK based hotels and should McAleer included a hotel in its plans then it is not unreasonable to hazard a guess as to who the operator will be. McAleer is declining to comment at this early stage. Jones Lang LaSalle represented British Land. - (25-10-2004)

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DevSecs to start on new phase?

Development Securities could be about to start on one of the 32,515 sq m (350,000 sq ft) second phase buildings at Paddington Central in London, W2. The financial backers to the scheme, HBOS and Morley Fund Management, are thought to be close to agreeing the funding for the next phase to proceed on this £1bn project. Development Securities has already completed the first phase of the 157,933 sq m (1.7m sq ft) development. Michael Marx, joint chief executive at Development Securities, has said “now was a good time to embark on redevelopments in central London as the occupier market started to pick up”. - (05-10-2004)

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Listing throws puts plans in doubt

South Kensington Tube station has just been listed by the Culture Secretary and could thow into doubt plans by Stanhope and Hutchison Whampoa for gaining planning consent for a new office and retails scheme. Proposals for a Terry Farrell & Partners designed 11-storey tower and shopping centre were withdrawn last month following local protests. South Kensington Tube station was built in 1868 and the listing is intended to presenrve original features designed by Sir John Fowler for the Metropolitan and District Railway. - (09-09-2004)

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Kings Cross Central plans unveiled

After a gap of 15-year new outline plans have been announced for the 28ha (67-acre) Kings Cross site in London, NW1. The Kings Cross Central development in totola will provide 743,218 sq m (8m sq ft) of mixed-use space to be developed by Argent St George with Exel and London & Continental Railways, the landowners. The main site is bounded by the Euston Road, York Way, St Pancras Station and Kings Cross Station. The 1980’s proposals by Rosehaugh and Stanhope included two Sir Norman Foster skyscrapers as part of a £3.5bn redevelopment. The new plans are for a £2bn scheme and involve the renovation of 20 historic buildings and providing 483,091 sq m (5.2m sq ft) of office space, 47,194 sq m (508,000 sq ft) of hotel space, 45,893 sq m (494,000 sq ft) of retail and leisure uses, 8,454 sq m (91,000 sq ft) of cenemas, and 75,715 sq m (815,000 sq ft) of community and education and cultural space, to include an art gallery and museum. At lease 1,800 homes will also be built. Construction work on the major elements of the scheme cannot start until the Channel Tunnel rail Link is completed in 2007. - (05-06-2004)

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Shell wins on appeal

Shell International’s plans for the redevelopment of part of the Shell Centre site in London, SE1 have been given planning consent on appeal. The scheme in York Road is to be developed in partnership with Lend Lease and is known as Belvedere Court. The development include about 32,000 sq m (344,450 sq ft) of offices, 7,300 sq m (78,575 sq ft) of retail within the existing Shell building, 4,000 sq m (43,056 sq ft) of restaurants and cafes, 11,200 sq m (120,556 sq ft) of sports facilities and 4,700 sq m (50,590 sq ft) of conference space. The scheme has been designed by Arup Associates - (20-04-2004)

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Helical Bar calls bottom of the market

Helical Bar has joined other property developers in calling the bottom of the central London office market. Michael Slade, managing director, has commented to the effect that although the City of London office market has bottomed out, he saw no rapid upturn and it might not come on-stream for three years. Taking a more positive view of the West End market he has said that it will come on-stream in two years time. - (28-11-2003)

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Hammerson sell London offices

Hammerson, the property company, has sold three office blocks to reduce its exposure to the central London office market. Fordgate, a private company, has paid around £122m for 21 Moorfields, London EC2 (151,000 sq ft), and Grant Thornton House (69,000 sq ft) and 40, Melton Street (116,000 sq ft), two buildings that are part of the Euston Square Estate. 21 Moorfields is vacant but leased to Lazard Brothers until 2008. Hammerson had plans to redevelop the site and as part of the sale agreement is understood to have retained a role as development manager and an option to participate in any redevelopment. At Euston Square, Grant Thornton House is leased to Grant Thornton and 40, Melton Street is leased to Network Rail. Hammerson has retained ownership of the 117,000 sq ft building at One Eversholt Street which will allow the company to be involved in any future redevelopment of Euston Square. - (21-10-2003)

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Parabola submits Kings Cross scheme

Parabola Land has submitted a planning application to London Borough of Islington for an eight-storey 27,870 sq m (300,000 sq ft) office scheme overlooking the Regent’s Canal in Kings Cross, London N1. The scheme will also include an arts centre and gallery along with a café and restaurant. The development, designed by architect Dixon Jones, is to be known as Kings Place, and is on a 0.6ha (1.3-acre) site bounded by York Way, the Regent’s Canal and Battlesbridge Basin. - (06-09-2003)

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BBC £252m "live news centre"

The BBC is to spend £252m creating a “live news centre” at Broadcasting House, Portland Place, London W1. The development will start shortly with the demolition of Egton House, an adjoining building, starting in January 2003. Bovis Lend Lease has been appointed as the construction manager. The 9 to 13 storey complex has been designed by Sir Richard McCormac and will include 140 studios, a central atrium, and a huge newsroom. All the BBC’s radio operations and television news will be brought together in the building. The first stage of the project is the refurbishment and extension of Broadcasting House, a 1932 Grade II* listed building, and the demolition of four adjoining properties to create two new buildings of about 74,321 sq m (800,000 sq ft). The scheme will be completed by 2008. - (16-12-2002)

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Millbank Tower on the market

Millbank Tower, the Grade II listed skyscraper owned by Tishman Speyer Properties, is thought to be on the market for around £125m. The US-owned private property group owns several landmark buildings including the Chrysler Building and the Rockerfeller Centre in New York, and the MesseTurm in Frankfurt, Germany. Jones Lang LaSalle is acting on the sale of Millbank Tower. - (06-10-2002)

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WTC4 turns to residential

City & Provincial has revised its plans for its World Trade Centre scheme and is now intending that Building 4 (WTC4), of 31,240 sq m (336,267 sq ft) will be a 24-storey residential block named Discovery Dock. The compnay has cited a 'slow' commercial office market in London and planning delays as the reasons for the change in strategy. The scheme has an exisiting planning permission for residential that can be implemented. - (30-03-2002)

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British Land in White City talks

British Land and Chelsfield are said to be in discussions to form a joint venture company to develop the White City centre in west London. The 16.6ha (40-acre) site between Wood Lane and the West Cross route is planned as £700m shopping centre of around 111,482 sq m (1.2m sq ft) and this will include an office complex, a hotel, 9,290 sq m (100,000 sq ft) of leisure space and social housing. The scheme has been designed by Ian Richie and has meet with many planning objections. - (18-02-2002)

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Canary Wharf raises £1.25bn

Canary Wharf Group, the property developer, issued new debt and increased the level of its asset-backed bonds by £1.25bn this week. The bonds are backed by rental cashflow from the Canary Wharf portfolio of 12 office buildings. Last year Canary Wharf raised £875m through an asset backed deal. On the basis of this deal it would appear that the securitisation of 'trophy' real estate developments has not been affected by the terrorist attack on the World Trade Centre. - (13-02-2002)

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Aldgate Union approved

Tishman Speyer Properties has gained planning permission from the London Borough of Tower Hamlets for the £100m redevelopment of the Marsh Centre at Aldgate, London E1. The part 7-storey, part 16-storey, 'Aldgate Union' scheme, designed by Wilkinson Ayre architects, will provide around 87,001 sq m (936,485 sq ft) to replace the existing 30,000 sq m (322,926 sq ft) building. Tishman Speyer Properties is advised by Jones Lang Lasalle. - (10-02-2002)

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Stanhope and Crown Estate make plans

Stanhope plc is to be The Crown Estate's development partner in the £200m mixed-use (including 100,000 sq ft of offices) regeneration of Regent Street in Central London. A planning application for the scheme was submitted to Westminster City Council in June and is currently under consideration. The scheme includes provision of state-of-the-art residential, retail and office space. 229-247 Regent Street, between Hanover Street and Princes Street, near Oxford Circus, is the first phase of the scheme. It will contain almost 180,000 sq ft of space. This will include around 100,000 sq ft of offices and 60,000 sq ft of retail space, including 30,000 sq ft for flagship store. - (19-11-2001)

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Architect Seifert dies

Richard Seifert, the architect who designed Centre Point and the NatWest Tower, now known as Tower 42, has died aged 90. Centre Point, constructed on a small plot, is still believed to be the world's tallest prefabricated building. A controversial development in design terms Centre Point also came to be regarded as the worse example of development greed as the building remained empty for years while rental values increased. The NatWest building in its plan shape is remarkably similar to the National Westminster logo, although any deliberate intention in 'mirroring' the design was always denied. After the second world war Siefert became one of the UK's most prolific architects and the two buildings formed just a small part of his extensive portfolio. - (27-10-2001)

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City objects to "excessive layers"

At the 'Docklands at 20' conference Judith Mayhew, chair of policy and resources at the Corporation of London, has said that "excessive layers" are undermining the planning process and putting London position as a leading financial centre at risk. She made the point said that planning rules allowed English Heritage and others to delay approvals. Her view is that "Large developments, in the City and elsewhere, need speed and certainty in planning process" and she also seemed to be saying that the power of the Mayor of London and the Secretary of State to over-ride local authority decisions, along with individuals and organisation that "seek to influence" decisions, were unnecessary layers. - (03-10-2001)

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SE1 office scheme announced

Shell International and Lend Lease have submitted detailed plans for the redevelopment of part of the Shell Centre site in York Road, London SE1. The scheme now has a high office content, rather than a retail emphasis as originally envisaged, following discussions with London Borough of Lambeth. The £180m scheme, named Belvedere Court, includes about 32,000 sq m (344,450 sq ft), of offices, mainly in a new 12-storey building, 7,300 sq m (78,575 sq ft) of retail within the existing Shell space, 4,000 sq m (43,056 sq ft) of restaurants and cafes, 11,200 sq m (120,556 sq ft) of sports facilities and 4,700 sq m (50,590 sq ft) of conference space. The scheme has been designed by Arup Associates. Knight Frank is rumoured to be marketing the ofice development and CB Hillier Parker is the agent for the retail space. If planning approval is granted the scheme could be completed in autumn 2004. - (03-09-2001)

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Lend Lease buys part of Patent Office

City & Provincial and Lend Lease have acquired part of the former Patent Office at 10 Furnival Street, London EC4 for about £12.5m. The eastern part of the building has been acquired from City & General, which is currently refurbishing the 4,645 sq m (50,000 sq ft) Central Court and the 2,787 sq m (30,000 sq ft) Staple Court. This phase is due to be completed in August 2002 and Jones Land LaSalle and Montagu Evans are to begin marketing in September. The eastern part of the building will be refurbished and extended at a cost of £15m and the office content will be increased from 8,175 sq m to 10,312 sq m (88,000 sq ft to 111,000 sq ft). The Lend Lease joint venture was advised by Knight Frank. - (25-08-2001)

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Lots Road application submitted

Taylor Woodrow, the construction group, has submitted a planning application for the power station at Lots Road, London SW10 to be retained as a mixed-use office and retail centre, with about 8,361 sq m (90,000 sq ft) of space. The scheme for the seven acre site also includes two 39 and 25-storey residential towers. Taylor Woodrow acquired the site last year and is said to have teamed up with Hutchison Whampoa, the Hong-Kong group, for the £350m project. The scheme will be developed by the joint venture company called Circadian and has been designed by Terry Farrell & Partners. - (12-06-2001)

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Great Portland Estates plan skyscraper

Great Portland Estates, the London property group, has said that it is in talks to develop a skyscraper in central London. Peter Shaw, managing director, has said that the company is to build the office block as part of a joint venture with a City Livery Company and an unnamed City Institution. Mr Shaw has refused to name the other backers for the Great Portland Estates' skyscraper. The plans have been announced as the company reported a worse than expected set of results. - (06-06-2001)

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Battersea gains approvals

Parkview International has been granted planning permission by the London Borough of Wandsworth for the redevelopment of Battersea Power Station, London SW11, as a retail and leisure scheme. Detailed planning permission was given to all parts of the site not covered by earlier permissions. The latest planning decision approved Nicholas Grimshaw's designs for the redevelopment of Battersea Jetty, a 725-room hotel as part of a conference centre, with 18,004 sq m (193,800 sq ft) of meeting and banqueting space and a 2,100 seat theatre. Parkview now has consent to develop the 14ha (33.6 acres) site surrounding the power station with 1,125 hotel beds, a 44,128 sq m (475,000 sq ft) product showcase building, a 22,017 sq m (237,000 sq ft) seven-storey office building and residential units. The listed power station building will be used to accommodate a mix of retail, cafes, bars, restaurants, cinemas and other attractions. - (01-06-2001)

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Derwent Valley acquires site in E1

Derwent Valley Holdings, the specialist central London developer, has acquired Centric House, the former warehouse building, in Shoreditch High Street, London E1 for around £21.7m. The 31,586 sq m (340,000 sq ft) building has been acquired from Hayes Commercial Services and will be leased back for one-year. Derwent Valley is thought to be planning to redevelop the 0.5ha (1.2 acre) site for offices and storage facilities. The site, which is just north of the Broadgate office complex, is the latest of several proposed regeneration projects for the area. - (30-05-2001)

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Four Millennium Quarter approvals

More than 2.6 million sq ft of new office schemes was granted planning permission by London Borough of Tower Hamlets last week. All the development are in the 20ha (50 acre) Millennium Quarter site in South Quay, London Docklands E14. The schemes include Ballymore's One Millharbour and Arrowhead Quay office schemes, the first five buildings over two phases of Capital & Provident's World Trade Centre scheme and the Quadratic building. - (20-05-2001)

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British Land may raise up to £1.5bn

British Land is said to be considering plan to raise up to £1.5bn to fund its development programme. The funds could be raised in a series of securitisations of its retail portfolio, which includes the Meadowhall shopping centre in Sheffield. The group is also thought to be looking at ways to refinance much of its office portfolio in London. British Land is expected to give further details of its plans when it announces full year results at the end of the month. - (20-05-2001)

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London economy slows

The Centre for Economics and Business Research has said that growth in London's economy will be cut by more than half in 2001 as the downturn in the economy affects firms in the capital. The decline in corporate finance work and stock market slump will see the financial services sector act as a drag on London's growth. The CEBR expects the London economy to grow by just 2.1% this year, down from 5% last year. In 2002 growth could increase slightly to 2.6% but will be behind the national average of 3%. The report on London's economy also predicts 10,000 job losses. - (18-05-2001)

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High buildings make news

Several items concerning high buildings in central London are in the news this week. "Towards a London Plan", the strategic development discussion paper, has just been issued by the Greater London Authority. One of the key elements of the proposals is to increase the supply of affordable office space by allowing more tall buildings, particularly at main railway stations. A joint report by English Heritage and CABE is said to be due out after the election and is reported to be saying that proposals for high buildings must be judged on their individual merits. In addition The Architecture Association is staging a mini-exhibition entitled "Tower Power: Does size matter?" at various central London venues next month. On display will be the plans for several London skycraper schemes. For further details call 020 7253 3334. - (11-05-2001)

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BT to leave Newgate Street

British Telecom is to leave its purpose built 27,870 sq m (300,000 sq ft) headquarters building at Newgate Street, London EC1 in the next 12-18 months. Staff will be transferred to other divisions in BT buildings and the 400-500 'central activities' staff and executives will move to a smaller office in London. The Newgate Street head office and the Telecom Tower were the only buildings omitted from the £2bn property portfolio deal announced last month. - (04-05-2001)

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Sainsbury plans SE1 towers

Foster & Partners has revealed plans for a 35,765 sq m (385,000 sq ft) 19-storey oval office tower to replace food retailers Sainsbury's existing Drury House and Stamford House headquarters at Stamford Street, London SE1. Sainsbury is linked with Stanhope on the proposals. A planning application for the £270m scheme has just been submitted to London Borough of Southwark along with an application for a second new building on the firm's car park site in Maymott Street. The tower has a tapered 'neck' and a low-rise office block forms the base. A Sainsbury's 'Central' supermarket could be incorporated in the ground floor. The 14,490 sq m (156,000 sq ft) Maymott Street scheme could cost £70m and is planned as a 22-storey tower designed by architect Lifschutz Davidson. Sainsbury is working on the site assembly for the scheme and is said to be in the process of acquiring Wakefield House and 19-21 Blackfriars Road from Dunloe Ewart, the developer. Sainsbury is thought to be seeking to develop around 46,451 sq m (500,000 sq ft) in the various SE1 developments for completion in 2004. Sainsbury is still thought to be considering its options on the 11,150 sq m (120,000 sq ft) Rennie House, on the south side of Stamford Street. Sainsbury staff will relocate to 33 Holborn Place, London WC1, to allow the headquarters development to proceed. Healey & Baker is advising Sainsbury. - (22-04-2001)

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Dublin architect HKR now in the City

Demolition work has just started on 12 Arthur Street, London EC4, a site which has recently seen proposals for a new 12,680 sq m (136,487 sq ft) office building of 10-storeys submitted for planning permission by developer Shieldpoint. The proposed scheme has been designed by Irish architects Horan Keogan & Ryan, a firm which has made a big impact in the Sandyford area of Dublin over the last decade, designing the Sandyford Business Centre and the AIB Financing & Leasing premises among other projects. Horan Keogan & Ryan's latest office project in Dublin is The Atrium Office Development for Green Properties, which is now nearing completion. - (12-04-2001)

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BT may sell portflio to LandSec's

British Telecom is said to be close to arranging a sale and leaseback deal on its £2bn property portfolio with Land Securities. Land Securities is rumoured to have beaten Mapeley to the deal. In what is thought to be a speeding up of the process BT may now complete its £2bn portfolio sale and leaseback deal by summer 2001. BT's advisor Schroder Salomon Smith Barney is understood to have recently shortlisted Land Securities Trillium and Mapeley, the George Soros backed venture, as the final two bidders for the 7,500 sites in the UK. Oftel, the telephone regulator, has set restrictions on BT's ability to sell sites and they are to be leased to the successful bidders for 130-years and then leased back by BT on 30-year agreements. The leases are understood to have break options for BT to vacate premises after 15-years, providing redevelopment opportunities for central London sites such as Mondial House, Upper Thames Street and Fleet Building, Farringdon Street, both in EC4 - (09-04-2001)

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Canary Wharf goes to £41 per sq ft

Canary Wharf has agreed the biggest single lease transaction in central London in its 93,000 sq m (1,001,052 sq ft) deal with Lehman Brothers, the US investment bank. Lehman Brothers will take the Cesar Pelli designed 30-storey HQ2 building, now under construction at Heron Quays, London E14, at a rack rent of £441.32 sq m (£41 per sq ft). Lehman Brothers will occupy the building in late 2003 and vacate about 40,000 sq m (430,560 sq ft) at Broadgate in London EC2. Insignia Richard Ellis advised Lehman Brothers on the transaction. - (06-04-2001)

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The Eye underway

Bee Bee Developments has gained planning permission for the re-development of Procter House in High Holborn WC1. The office scheme named 'The Eye' is eight storeys and involves stripping the existing building back to frame and recladding and extending the space. The Eye will provide 7,550 sq m (81, 268 sq ft) net in a central building with links to two wings, the 2,508 sq m (27,000 sq ft) Lion Court and the 2,137 sq m (23,000 sq ft) Eagle House. Lion Court and Eagle House are currently awaiting planning permission and could be marketed separately. The construction work on The Eye is underway and will be completed to shell and core in in April 2002. - (02-04-2001)

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Victoria plans revived

Plans by Railtrack to redevelop the major rail interchanges in central London continues apace. A £250m mixed-use redevelopment scheme for Victoria Station, London SW1, first mooted in the mid-1990's, is being revived. Railtrack is said to be working on a revised masterplan for the Victoria site, which could see an office and retail development of about 46,451 sq m (500,000 sq ft) built at the station. The latest scheme seems likely to integrate a new bus terminal within the scheme with offices above. In addition to the Victoria proposals Railtrack is currently working on plans for 'office-led' mixed-use schemes at Paddington, London Bridge, Kings Cross and with Pillar at Cricklewood, north London. There have also been rumours of investigations by Railtrack on the potential of redeveloping at Waterloo. At Victoria, Railtrack is said to be about to undertake a study, along with other developers with schemes in the area, to assess the level of demand. The developers could include Land Securities, Grosvenor Estate, and Howard Ronson International. The total future potential of developments in the Victoria area amount to over 1.5m sq ft of office space. An end-user 'demand' survey would be no doubt be helpful as at present everyone seems to be chasing Enron, the US energy company, which has the largest known West End requirement. - (26-03-2001)

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"Shard of glass" revealed

The designs for the £350m skyscraper at London Bridge station, SE1 have just been unveiled. The 66-storey tapering glass tower, designed by Renzo Piano and Broadway Malyan, for developer the Sellar Property Group, will, if built, be the tallest in Europe at 1,016 ft tall. The lower half of the tower is planned as a 27-storey 55,741 sq m (600,000 sq ft) office block, with the upper 15-storey as a hotel and apartment complex. A planning application for the "shard of glass", otherwise known as the London Bridge Tower, could be submitted to the London Borough of Southwark next week. The scheme has been reduced by about 14-storey following initial comments from CABE, the architectural advisory body. There seems little doubt that this scheme, along with Heron's Bishopsgate tower, will become the centre of debate, around which London local government and advisory bodies will finally have to establish an agreed policy towards tall buildings. - (20-03-2001)

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Pillar approach to Wates rumoured

Pillar Properties is said to have made an approach to buy property company Wates City of London Properties. Wates City of London Properties is currently trying to sell CityPoint, the largest office building under construction in the City of London and also has other office schemes planned in the Square Mile. Pillar operates 28 retail park schemes and also has business park interests, but has a low exposure to the central London office market. - (13-11-2000)

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Greycoat to raise funds for offices

Greycoat Estates is said to be about to sell its stake in Tower 42, the former NatWest Tower, in order to invest in central London office schemes. Greycoat's 32 per cent holding in Tower 42 could raise around £36m. Greycoat is expected to shortly start on the demolition of Moor House, 119 London Wall, London EC2, which is to be redeveloped as a 19-storey speculative schme of 44,658 sq m (480,710 sq ft). The construction contracts for Moor House are currently out to tender. - (05-11-2000)

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BBC to extend Broadcasting House

The BBC is to bring its news operations, with 2,200 staff, into one centre at Broadcasting House, Portland Place, London W1. A new building, will be developed on the site of two existing 1960's office blocks, Egton House and 16 Langham Street. The new centre will be completed in 2008 and include 4,645 sq m (50,000 sq ft) of publicly accessible space. The BBC World Service, with 1,100 staff, will vacate Bush House in the Aldwych, London WC2 and move to the extended Broadcasting House a 1930's Grade II listed building. Architect MacCormac Jamieson Prichard has been commissioned to design the 'state-of-the-art centre. The redevelopment is likely to be carried out as a joint venture with the winning bidder for the BBC's property portfolio. - (01-11-2000)

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Tower Hamlets agrees two South Quay schemes

The World Trade Centre proposal at Marsh Wall, London E14, put forward by Capital & Provident Management, received planning approval this week from London Borough of Tower Hamlets. The World Trade Centre will in total comprise 2 million sq ft, in nine buildings, and is to include a Posthouse Premier Hotel. Separately, the Arrowhead Quay scheme on Marsh Wall E14, planned by Ballymore, also obtained planning permission. The Arrowhead Quay scheme is in total a 66,239 sq m (713,000 sq ft) mixed use development incorporating office, retail, and leisure. The 16-storey and 26-storey glass and steel buildings have been designed by Skidmore Owings & Merrill (020 7793 1007). - (04-10-2000)

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