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Fringe scheme start

Major scheme starts on site

SE1 scheme on site

Refurbished office let

Paddington application

City refurbishment consent

City fringe application

City scheme nears completion

US bank shortlists architects

Contractor tipped

West End scheme deal

Mayfair redevelopment

Oxford Street start

St James's refurbishment

Midtown appointment

Phase 4 on site

Demolition starts

London Offices – An Olympic Year?

Canary start

Contractor appointed

Victoria scheme deal

West End refurb underway

City scheme application

City refurbishment application

Consent for Noho scheme

Kings Cross start

Contractor in W6

Consent for refurbishment

West end start

Construction suspended

Canary scheme update

Consent in SW1

EC3 construction to start

West end start planned

Southbank re-design

West End start

Mayfair application

Central London - a Sack Full of Refurbs

Midtown start

Tower to start

Contractors battle it out

Noho refurbishment

Tower to start

Midtown scheme deal

City construction start

Appointment in EC3

Victoria consent

Contractor shortlist

Contractor appointed in EC3

Demolition to re-start

Refurbishment mooted in EC4

Refurbishment in EC3

EC2 office start

Development starts (again)

London Office Market – Special Report

HQ plans submitted

Moorgate consent

Construction start

Retrofit on hold

Refurbishment starts

Consent for Farringdon scheme

Demolition in EC3

Soho construction start

Contractor start in WC2

Offices for W1

Major City scheme on site soon

Developer appointed

Kings Cross start

Final Bankside blocks

Midtown scheme under offer

Fitzrovia redevelopment

Consent in W1

St James's building to be refurbished

Tower to start (again)

Riverside refurbishment

Construction start in EC4

City tower start

City office tower start

Decision on contractor awaited

Contractor appointed

City refurbishment start

City scheme to start

Contractor appointed

Refurbishment start in WC2

Mayfair start

Law HQ refurbishment

Covent Garden start

HQ architect appointed

Demolition start in midtown

Midtown start

Major Mayfair application

Start for midtown scheme

Victoria scheme timeline

Mayfair refurbishment to start

Building on site shortly

Summer start for development

US developer may start on site

Mayfair scheme to start

City fringe permission

City development start

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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Leadenhall pre-let

Aon, the risk management company, has confirmed its pre-let of 191,000 sq ft of new offices at 122 Leadenhall Street, EC3 - aka the 'Cheesegrater' building. Aon will take floors 4-13, comprising one third of the 610,000 sq ft skyscraper, upon completion of the 47-storey building in 2014. Initially set for completion in the third quarter of 2014, construction company Laing O'Rourke has now cut its building schedule by a few months to bring the completion date forwards to the second quarter. The Richard Rogers designed is being developed as part of a joint partnership between British Land and Oxford Properties. - (18-11-2011)

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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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Glasnost - Online Project, Contact & Image Management

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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City HQ decision

The Government has decided not to list the Broadgate complex in the City of London, EC2, clearing the way for construction of a new 12-storey 700,000 sq ft HQ for UBS bank at 5 Broadgate by developer British Land. Completion is scheduled for 2014. - (16-06-2011)

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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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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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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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City tower underway

Construction of Land Securities and Canary Wharf Group's “Walkie Talkie” building has finally got underway at 20 Fenchurch Street, EC3. Piling for the Rafael Viñoly designed building has begun with completion to ground floor planned for February 2012 and final completion anticipated in early 2014. When complete, the 37 storey building will provide 690,000 sq ft grade A office space in the City of London, topped by a public sky garden. Canary Wharf Contractors Limited, is the construction manager. - (19-01-2011)

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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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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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Shard letting agents

London Bridge Quarter has announced the appointment of office letting agents for both the Shard and London Bridge Place, London, SE1. Jones Lang LaSalle and Knight Frank have been instructed on the Shard, and CB Richard Ellis and Colliers International advising on London Bridge Place. - (16-11-2010)

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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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Office tower deal

Land Securities and Canary Wharf Group have formed the 20 Fenchurch Street Limited Partnership, a 50:50 joint venture to develop the Walkie Talkie office building in the City of London, at a development cost of £500m. The site has been sold by Land Securities to the Partnership for £90.2 million and will provide 690,000 sq ft of office space in EC3. Construction will begin in 2011 with Canary Wharf Contractors appointed as Construction Manager. - (19-10-2010)

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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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Broadgate start in 2011

British Land is to demolish UBS's offices at 4 and 6 Broadgate near Liverpool Street station, and erect a 65,000 sq m (700,000) sq ft building with four trading floors. The Swiss bank will occupy the new building and has agreed an 18-month rent-free period and will then pay £54.50 per sq ft. The new 5 Broadgate will cost £340m to construct. British Land and Blackstone plan to start building in the middle of 2011 and hope to finish in 2014. British Land is also in negotiations with potential tenants for its planned 122 Leadenhall Street tower, known as the Cheesegrater. - (03-08-2010)

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Cheesegrater revival

British Land, developer of 'The Cheesegrater', otherwise known as the Leadenhall Building at 122 Leadenhall Street, London, EC3, one of the tallest towers planned for the City of London before the recession, say it it is thinking about beginning construction of the 47-storey Richard Rogers designed tower. British Land said it was “thinking pretty seriously” about reviving the project, which will provide 82,721 sq m (890,409 sq ft) of office space 56,856 sq m (612,000 sq ft net) and 2,150 sq m (23,142 sq ft) of retail space. - (01-04-2010)

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City pre-let

Macquarie Bank, the Australian bank, has now signed to take 19,509 sq m (210,000 sq ft) offices on the lower, ground and most upper floors at Exemplar's, under construction, Drapers Gardens office scheme at 12 Throgmorton Avenue, London, EC2. Macquarie will relocate from City Point where its lease expire in 2011. Macquarie will pay about £43 a sq ft on a 20-year lease, with four years rent-free. - (30-10-2009)

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London survey looks forward

The latest Drivers Jonas Crane Survey, researched by Cityoffices.net, has found that despite 10.3m sq ft under construction (of which 7.15m sq ft is available to let) there were only six significant starts in Q4 2008 and Q1 2009. There are 30 buildings available to let at the moment of greater than 100,000 sq ft. DJ said developers should expect more prelets in 2010-11 for completion in 2013. Tenant’s choices will be reduced over the next few years. In addition short-term lease extensions being agreed now could generate further demand. - (11-06-2009)

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Aldgate East stops

The construction of Formation’s "Aldgate East”, at 1 Commercial Street and 101-110 Whitechapel High Street, London E1, has stopped. The building has reached concrete frame stage up to 11 storeys but its future is now being decided by administrators Ernst & Young. The development is planned as a 22 storey tower with about 8,640 sq m (93,000 sq ft) of office space, 217 residential units, and 1,068 sq m (11,500 sq ft) of retail space. The Formation Group, the sports talent manager, is understood to have raised a £93m loan for the land and building work from Heritable, part of Landesbanki, the failed Icelandic bank. As part of the deal Formation agreed to underwrite £11.6m of the loan, which now becomes a liability. Completion was planned for May 2010. - (18-12-2008)

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Derwent call halt

Derwent London, the property developer, has said that it is not planning to start any new commercial developments until 2010 or 2011. The company has made the decision because of the credit crunch and the fall in occupier requirements for new space. Derwent has three buildings under construction and has let 408,000 sq ft in the last nine months, and has a further 35,000 sq ft of office space under offer. John Burns, chief executive, has said that the next two years are about "good housekeeping" and his comments mirror those expressed by Great Portland Estates, Hammerson and Liberty International. - (20-11-2008)

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JP Morgan pre-let deal

JP Morgan, the US investment bank, has announced a £237m deal to acquire a 999 year lease from Canary Wharf Group (CWG) on the Riverside South site at Canary Wharf, London, E14. The site has planning permission for 1.8m sq ft of office space in two towers and a ‘link’ building. Infrastructure work is underway but JP Morgan is still finalising the design of the buildings and will occupy in phases. The building will be the headquarters for all the banks European operations and could be completed in 2012 or 2013. CWG will act as development and construction manager. CWG will complete the design, planning, piling and raft construction and the bank will, subject to market conditions, decide when to instruct CWG to proceed with final construction. If construction of the building is postponed, or put off altogether, CWG will be paid for completed work and also retain £76m representing a portion of developers profits related to the development. - (18-11-2008)

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Green light for Shard

Sellar Property is likely to start construction of the Shard tower in London, SE1 later in 2008, after a finance package was agreed with Qatari-backed consortium - the Qatari Islamic Investment bank QInvest, Qatar National Bank and Qatari Islamic Bank. Sellar will remain the developer for completion of Shard of Glass tower and 55,740 sq m (600,000 sq ft) New London Bridge House in 2011. The schemes were designed by Renzo Piano. Cushman & Wakefield advised on planning, and Mace is project manager. - (01-02-2008)

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November inquiry for EC1 scheme

The public inquiry to determine Thornfield Properties’ contentious 35,303 sq m (380,000 sq ft) office scheme at Smithfield market, London, EC1 will begin in November 2007. A successful outcome for Thornfield may prompt a 2008 construction start. - (26-10-2007)

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Shard demolition plans

Teighmore, the consortium consisting of Sellar Property, CLS and Simon Halabi, is hoping to start demolition at the London Bridge Station (Shard of Glass) site in London, SE1, in mid October 2007. The demolition will take seven months. The main construction contract will not start until funding is in place but a Middle Eastern bank is said to be considering financing the £1bn scheme. Completion of the development is expected in 2010 or 2011. - (18-09-2007)

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Work starts at Fetter Lane scheme

Construction work is underway at Delancey's speculative redevelopment of Bream’s Buildings and Rolls Buildings in Fetter Lane, London, EC4. 13,527 sq m (145,600 sq ft) on LG,G,1,2,3,4 floors has been pre-let to HM Courts Service, and 9,649 sq m (104,347 sq ft) remains available on 5,6,7,8 floors. The completed scheme will offer separate entrances for HM Courts Service on lower floors and the offices on upper floors. - (22-08-2007)

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Heron Tower preparation

Heron Tower Property Unit Trust has begun demolition work in preparation for construction of its 220m high office tower at 110 Bishopgate and Camomile Street in London, EC3. Site clearance works by contractor Skanska will be followed by construction in early 2007 for 2010 completion. The Heron Tower will be over 60,000 sq m (650,000 sq ft). Kohn Pederson Fox is the architect. - (07-07-2006)

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190 Great Portland Street on site

A contractor has been appointed for the £18m redevelopment of 190 Great Portland Street, W1. The scheme will provide 10,300 sq m (110,869 sq ft) of offices and 1,395 sq m (15,000 sq ft) of retail space, showroom and gym on the ground floor and basement. Construction has just begun and will take approximately 18-months. - (02-06-2005)

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Standard Life plans speculative EC2 start

Standard Life Assurance has announced that it intends to start construction of its £65m speculative office scheme at 36-39 Poultry and 1-6 Old Jewry in London, EC2 this summer. The 7,154 sq m (77,000 sq ft) scheme includes 5,760 sq m (62,000 sq ft) of offices, a wine bar and 684 sq m (7,360 sq ft) of retail. Standard Life recently bought the site for £20m. - (23-03-2005)

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Heron Tower start date

Heron International has announced that it intends to start construction of its 37-storey office tower at 110 Bishopsgate, London, EC2, in early 2006. Construction of the 183m high skyscraper will commence despite the lack of pre-lets. Completion is expected by early 2008. - (17-03-2005)

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Work starts on 71 Lombard Street.

Work has now gotten underway on the redevelopment of 71 Lombard Street, London EC3. The building is being renovated by IVG Asticus, which is acting as construction manager and appointed sub contractors for the building work, and should be ready to occupy during early 2007. When completed, the building will provide approximately 12,000 sq m (129,168 sq ft) of offices on floors 1-8 and 3,716 sq m (40,000 sq ft) of retail on the ground and mezzanine floors as well in the basement. The letting agents for the offices are DTZ and Savills and DTZ and Cushman are the agents for the retail. - (08-03-2005)

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More London underway

Construction is now officially underway at More London Riverside of plots 3, 4 and 5 comprising 41,806 sq m of offices and a Hilton hotel in the Foster-designed scheme. Construction of the London, SE1 scheme is expected to complete in late 2006. Both the office buildings are pre-let to law firms. - (31-01-2005)

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Quadrant 'West'

The Crown Estate has won planning consent for the first phase of its mixed-use redevelopment ‘Quadrant’ scheme at 83-97 Regent Street, London, W1. The 9,290 sq m (100,000 sq ft) phase has an approximate 75:25 split between offices and retail/residential. The block also faces onto 12-20 Swallow Street and 10-13 Vine Street. Construction is expected to start within three months and take two years. - (25-01-2005)

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Condor House nears completion

In March 2005, Sir Robert McAlpine is expected to complete the construction of City Office’s (Greycoat) new 12,322 sq m (132,642 sq ft) Condor House office and retail scheme at 4 St Paul’s Churchyard, London, EC4. The building, known as Condor House, is being marketed by CB Richard Ellis. The building will provide a net office area of 10,033 sq m (108,000 sq ft). - (13-01-2005)

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Lloyds building to be acquired

The "love it or hate it" iconic Lloyds of London building in EC3 seems to be about to be sold to a Commerzbank fund by Deka, the German fund manager. Deka's property fund arm is selling the building for about £257m as part of an excercise to stabalise its property fund operations following a major outflow of funds. Deka originally paid £180m for the building in 1996. In the summer Shelbourne Developments, the Irish property investor, was due to acquire the building but the deal fell through after cracks in the concrete structure were said to have been found. Follow-up surveys are reported as failing to find any cracks. - (21-12-2004)

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Ludgate West to be enabled

Before Christmas, British Land is to begin enabling works on its 17,000 sqm (182,987 sq ft) Ludgate West development site on Farringdon Road. However, a start date for construction has not been determined nor has a main contractor appointed. Work may commence during 2005 but is unlikely without a sizeable pre-let. The architect is Skidmore Owings & Merrill - (27-11-2004)

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Happiness is a completed office

Benchmark started the redevelopment of its Soho site at 15-18 Golden Square, London W1, during autumn 2002 and has just completed. Benchmark awarded the main contract to Wates for the construction of a 5,295 sq m (57,000 sq ft) 6 storey building (now called ‘Happiness’), designed by TP Bennett. The scheme includes retail and restaurant on the ground floor with 5 floors of offices totaling 4,087 sq m (44,000 sq ft) above. The letting agents are DE & J Levy and Dunlop Heywood Lorenz. - (20-10-2004)

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Canary Riverside South decision

The London Borough of Tower Hamlets has decided to grant planning consent for the Canary Wharf Riverside South development, subject to the agreement of the Mayor of London and the Government Office for London. The scheme is for two towers providing a total of 279,000 sq m (3m sq ft) of office and retail space. The towers will be 28- storeys and 34-storeys high and linked by a building at podium level. The planning permission is subject to a S106 agreement for around £20m to provide infrastructure improvements, a community fund and a park. - (24-09-2004)

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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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Skanska wins Palestra contract

Blackfriars Investments and Royal London Asset Management have signed a £67.5m construction contract with Skanska UK to build the Palestra office scheme on Blackfriars Road, London SE1. The project has had several previous start dates but the cleared site could now be on-site this year, or early 2004. The revised completion date is now mid-2006. - (30-09-2003)

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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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"Lightbeam" on Mermaid

Blackfriars (PD2) Ltd, now owned by Heatherfield Limited, which is under the management of Blackfriars Investments, has submitted revised details for its scheme to redevelop 2 Puddle Dock and the Mermaid Theatre at Blackfriars Station in London EC4. The new three-four storey structure, designed by Alsop, is to be on stilts and includes a “lightbeam” on the west side of the building adjoining the “solid box” of office accommodation. The “lightbeam” is a four-storey glass box enclosing lobbies and access areas. The scheme has 26,416 sq m (284,341 sq ft) gross external space with 24,000 sq m (258,336 sq ft) gross internal office space, to include a dealing floor of 6,148 sq m (66,177 sq ft). The scheme also includes two retail units of 399 sq m (4,294 sq ft). - (02-12-2002)

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Exchange plans reclad

The London Stock Exchange has submitted plans to the Corporation of London for the development of its site at 125 Old Broad Street EC2. The Stock Exchange is to relocate to Paternoster Square in mid-2004 and is planning to sell its existing premises on gaining planning consent. The new plans, by architect Nicholas Grimshaw, include a major refurbishment and re-cladding of the late 1980's 27-storey Exchange Tower and the development and a new podium level of 3,031 sq m (32,625 sq ft) as part of the 'East' Building and a new nine-level block (The West Building), providing 23,958 sq m (257,883 sq ft) of offices, will be created on the site of the old trading floor on the corner of Old Broad Street and Throgmorton Avenue. The scheme will provide a total of 65,804 sq m (708,314 sq ft) of office space (gross external area) and also include 7,236 sq m (77,888 sq ft) (gea) of retail space. City Offices Management is the project manager and Ove Arup is the structures and services consultant. - (13-11-2002)

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Camden tube offices

London Underground has announced plans for a new tube station at Camden Town in London NW1. A planning application is to be submitted to the London Borough of Camden in the next few weeks. The proposal includes a seven-storey office building, a new bus interchange, a ticket hall and four blocks of flats. A temporary station will be built before the existing structure is demolished and rebuilt. - (10-11-2002)

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British Land's new skyscraper

British Land has unveiled its plans for a skyscraper at 122 Leadenhall Street. The 48-storey tower will provide about 93,000 sq m (1,001,000 sq ft) of space and has been designed by the Richard Rogers Partnership. The initial designs envisage a tapering external frame structure, possibly a 'shard of steel', on 'legs' above a new public park. It is said that the building would be the tallest in the City of London. - (22-09-2002)

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Allen & Overy finally sign-up

Allen & Overy, the law firm, has formally signed the lease with Hammerson and the Corporation of London for its new 70,000 sq m (750,000 sq ft) headquarters at Bishops Square, Spitalfields, London E1 at £45 psf on a 25-year lease. It is thought that the firm also has a 21-month rent free period. Construction, of the Foster & Partners designed building, should start in early 2003. However everything is still subject to planning consent being granted by Tower Hamlets. The first announcement of the deal was made in March 2002 and at this time the rent free period was 18 months. - (22-09-2002)

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Paternoster up for sale

Mitsubishi Estate Company is said to be selling its Paternoster Square office development in London EC4. The 46,451 sq m (500,000 sq ft) scheme is under construction and due for completion in March 2003. Mitsubishi is believed to have invested over £220m in the scheme and borrowed a further £200m to build it. All the buildings at Paternoster are now pre-let and the rent roll is put at abut £35m, with average rent said to be around £592 per sq m (£55 per sq ft). It is thought that Mitsubishi may retain one of the buildings. Healey & Baker has been appointed to sell the completed development. - (10-02-2002)

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140 Aldersgate green light

Whitecliff Investments and Scottish Widows have gained planning consent for the speculative redevelopment of the vacant 140 Aldersgate Street, London EC1A 4JQ with an eight-storey office and retail block. The 12,800 sq m (138,000 sq ft) building will include 11,000 sq m (122,000 sq ft) of offices and 1,500 sq m (16,000 sq ft) of retail space. A construction start has been set for April 2002. BH2 is advising. - (11-12-2001)

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New Kings Cross plans revealed

P&O Property Holdings Ltd has submitted plans for the refurbishment and redevelopment of four major buildings at Kings Cross,London N1. Block A (3,000 sq m)is known as the Lighthouse and plan retains 1870s office building with construction of 3 storey office building with retail. Block B (3,000 sq m) retains the majority of building, with some new build elements. Block C (4,000 sq m), comprises mainly refurbishment and re-building with the construction of new four storey headquarter offices, and five storey hotel to SW of site. Remaining block D retains listed facades with conversion of some buildings to create residential units. Architect is Rolfe Judd. - (14-11-2001)

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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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Fidelity on-site at South Quay

Fidelity Investment Management, through its property arm Pembroke Real Estate, has now started site preparation for the redevelopment of the former 'The Guardian' printworks site at South Quay, London E14. The new scheme, known as 'London Millharbour' will provide a total of 71,000 sq m (764,224 sq ft) of office space and 2,787 sq m (30,000 sq ft) of retail and restaurant space, in four linked buildings ranging from of 9 to 19 storeys. Michael Hopkins and Partners is the architect for the scheme, which will be built in two phases. The Eastern Tower will be Phase 1, providing 42,800 sq m (460,699 sq ft) of offices and retail, with the Western Tower providing the remaining space. The main construction is due to start in early 2002 with completion planned for 2004. - (15-10-2001)

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Skanska wins 1 London Wall

Skanska is rumoured to have won the main construction contract on Greycoats' 1 London Wall office development in EC2. The scheme, designed by Foster & Partners, will provide about 28,980 sq m (311, 940 sq ft) of office space. Demolition of the existing building is underway and main construction is expected to start in March 2002. - (15-10-2001)

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Bovis wins Plantation Place contract

Bovis Lend Lease is said to have won the construction contract for British Land's Plantation Place scheme at 31-35 Fenchurch Street, London EC3. In total the scheme, designed by Arup Associates, is about 60,386 sq m (650,000 sq ft) and around 34,875 sq m (375,400 sq ft) of the development has recently been pre-let to Accenture. - (15-10-2001)

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Barclays to take space at Canary

Barclays Bank has confirmed that it is has reached agreement in principle with Canary Wharf Group to take a new headquarters building at Canary Wharf, London E14. The bank is to take the BP1 site at Churchill Place, at the eastern end of the scheme. The building will be about 1 million sq ft and initially 60,386 sq m (650,000 sq ft) will be occupied by Barclays, with the flexibility to move into more space as required. Design work is underway and construction of the new tower will start at the end of 2001 and is due to be occupied by Barclays in 2005. Barclays Bank is being advised by Weatherall Green & Smith. - (05-09-2001)

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NAO reviews Treasury scheme

A review of the private finance initiative (PFI) approach on the Treasury and Ministry of Defence buildings in Whitehall, London SW1 has been launched by the National Audit Office, parliament's spending watchdog. The NAO has said that I will produce separate reports on the Treasury and MoD contracts, which are worth about £500m and £1.6bn respectively. The Treasury's Grade II listed building is being refurbished by the Exchequer Partnership, a consortium involving Chesterton, Stanhope and Bovis Lend Lease. The MoD's Grade I listed main building in Whitehall is being refurbished by Modus Services, a consortium comprising Amey, McQuarie Infrastructure, John Laing and Innisfree. Internal demolition work on the MoD's building will start in September. - (25-08-2001)

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Broadcasting House plans

The BBC is said to be about to go ahead with the redevelopment of Broadcasting House in Langham Place, London W1, behind the Grade II listed facade. The 46,451 sq m (500,000 sq ft) building would be redeveloped by Land Securities Trillium, which includes Bovis Lend Lease, and could take six years to complete. The scheme will increase the useable floorspace by 6,967 sq m (75,000 sq ft) to about 50,167 sq m (540,000 sq ft). The construction work is estimated to be about £200m and technology costs account for another £200m. An application for planning permission may be made by November 2001. - (29-07-2001)

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Minerva to start Aldgate scheme

Minerva, the property company, is thought to have obtained vacant possession of its development site at St Botolph's in London E1. The site situated on the Aldgate roundabout, and includes St Botolph's House, Ambassador House, 138-139 Houndsditch and 2 White Kennett Street. Minerva is understood to have just bought out the interest of the Consignia, previously known as the Post Office, and is now said to be likely to start construction of its 48,473 sq m (525,000 sq ft) 'groundscraper' in December 2001. The architect for the scheme is Nicholas Grimshaw & Partners. - (18-06-2001)

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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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Canary in £875m bond issues

Canary Wharf Group has issued £875m of bonds in a deal that will securitise three buildings under construction at the Docklands complex. The bonds are secured on the rents from the two pre-let towers being built for Citigroup and Credit Suisse First Boston and Morgan Stanley Dean Witter. The deal adds the three buildings to a securitised portfolio that also includes One Canada Square, from which the company raised about £555m in 1997 and £385m in 2000. - (02-06-2001)

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Demolition starting at 1 London Wall

Hammerson has started site preparations for demolition work to start at 1 London Wall, EC2. A start on the main construction could be made in summer 2001 with completion in late 2003. Last year a revised scheme was submitted with 13 upper floors, basement, ground and mezzanine levels. The total floorspace (gross external) is 28,980 sq m (311,940 sq ft). The scheme, by Foster & Partners, retains the Livery Hall (Plaisterers Hall). The original proposals for 1 London Wall go back over 13 years. - (15-05-2001)

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Skanska sells to Axa Sun Life

Skanska, the Anglo-Swedish construction group, has sold its last two investment properties in London to AXA Sun Life for just under £91m. The two developments are at Thomas More Square, E1 and 55 King William Street, EC4. The 22,000 sq m (236,840 sq ft) Trinity Tower at Thomas More Square, overlooking St. Katharine Docks, completes the bulk of Skanska's sale of the development, which began last year. The King William Street property comprises 5,839 sq m (62,859 sq ft) of offices with some retail and leisure uses. Frederick Wirdenius, President of Skanska's Project Development Europe said: ‘These two sales, which made a profit for Skanska of £34 million, represent the completion of Skanska's divesting of its real estate portfolio in London. It also creates possibilities for continued investments in other attractive growth areas in Europe.’ - (11-05-2001)

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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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FT expands in SE1

The Financial Times, owned by Pearson, has a requirement for additional office space and is said to ahve pre-let The Riverside Building, opposite the FT's headquarters, at Southwark Bridge, London SE1. The building recently started construction and should be completed to shell & core early next year, with occupation by summer 2002. It is said Stephen Hill, the FT Group chief executive, is keen to build an "FT Campus" in Southwark. - (28-01-2001)

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Plantation Place may be a speculative start

British Land has said that it is in talks with several potential tenants for its Plantation Place scheme in Fenchurch Street, London EC3 and 201 Bishopsgate, London EC2. British Land has also indicated that if a pre-let is not immediately forthcoming the company will start construction work on the Plantation Place buildings on a speculative basis. The Plantation Place site has been cleared, some infrastructure works have carried out, and the archaeological dig is now nearing completion. - (01-12-2000)

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Revised skyscraper design unveiled

A revised design for a 80-storey skyscraper at London Bridge station, by Italian architect Renzo Piano, is now being put forward by developer Irvine Sellar. The 390m (1,279 ft) tower will include 65,031 sq m (700,000 sq ft) of offices and 18,580 sq m (200,000 sq ft) of flats along with hotel and retail space. A planning application could be submitted to the London Borough of Southwark by the end of the year but is likely to be determined by the Greater London Authority. The skyscraper would not be completed before 2005 and construction costs are put at £300m. Bovis Lend Lease is the project manager. The scheme is unlikely to proceed without a major pre-let and the developer is said to be in discussion with firms including Pricewaterhouse Coopers. - (13-11-2000)

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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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CSFB takes pre-let at Canary Wharf

Credit Suisse First Boston has agreed Heads of Terms to lease a further 46,451 sq m (500,000 sq ft) of office space at 5 Canada Square (site DS1) Canary Wharf, London E14. DS1 is currently under construction and the architect of the 14-storey tower is Skidmore Owings & Merrill (SOM). The new office space is due to be due for occupation in spring 2002. The leasing of building will mean that CSFB has 1.8m sq ft at Canary Wharf in seven buildings. In 1999 Bovis Interiors carried out the fitting out work for CSFB at its Columbus Courtyard office. Once CSFB has signed a binding agreement on the Canada Square building the pre-let will prompt the speculative construction of HQ3, a 32-storey tower, designed by Cesar Pelli, that will provide 55,741 sq m (600,000 sq ft) of office space. - (09-11-2000)

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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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McGraw Hill to take DS4 at Canary Wharf

McGraw-Hill, the US-based information services provider, has signed a letter of agreement with Canary Wharf Group to take the majority of the 46,450 sq m (500,000 sq ft) DS4 building at Canary Wharf to accommodate the company's rapidly growing financial services and business-information operations. The new building for The McGraw-Hill Companies is designed by Skidmore Owings & Merrill and construction wok will start once formal contracts are signed and will be ready for occupancy in 2003. The McGraw-Hill Companies plan to occupy the majority of the new building with options for expansion over the balance of the space. The new building will have direct access to the new retail building immediately to the north, to the underground retail mall, and to the Jubilee line link - (06-10-2000)

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Morgan Stanley Dean Witter take HQ1 at Canary

Morgan Stanley Dean Witter, the US investment bank, has taken the HQ1 building at Heron Quays, Canary Wharf London E14. The building, which is adjacent to the Heron Quays DLR station, will provide 47,565 sq m (512,000 sq ft) in a 13-storey development. The ground works and infrastructure for HQ1 is underway and the building is due for completion in 2003. The building will be linked directly the new 85,000 sq ft Jubilee Park retail scheme and the the Jubilee Line Station. - (27-09-2000)

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